Azerbaijan predicts 78% economic growth in Baku by 2040

Proceeding from Baku’s Master Plan 2040, the volume of gross domestic product (GDP) produced in Azerbaijan’s capital Baku is planned to increase by 78 per cent in 2040 compared to 2020 and reach 52 billion manats ($30 billion).

According to the document, Baku’s GDP reached 29.2 million manats ($17.2 million) in 2019. This figure is planned to increase by 22.8 billion manats ($13.4 billion) or 78 per cent in 2020-2040, Report informs citing Baku’s Master Plan 2040.

The main part of Baku's GDP production will account for mining (15 per cent), professional and financial services (11 per cent), tourism (10 per cent), trade (10 per cent) and transport (8 per cent) in 2040.

“The foreign investment volume in Baku will reach $30.3 billion over the next 20 years. The investments will be made for implementing the projects at 24,000 hectares,” the document says.