World Bank: Azerbaijan's per capita income soared 60-fold in three decades

Azerbaijan has seen its per capita income increase 60-fold over the last three decades, according to the World Bank Regional Director for the South Caucasus, Rolande Pryce.

"Over the past thirty years, Azerbaijan’s per capita income has risen by 60 times, reaching 6,660 USD in 2023 according to the Atlas method, which is used to calculate Gross National Income (GNI) per capita. In 1993, this figure stood at just $110," Pryce said, Caliber.Az reports.

During an event held to present the Bank’s 2024 World Development Report (WDR), she also emphasized Azerbaijan’s successful use of its natural resources, calling it an impressive achievement.

"To join the ranks of high-income countries, Azerbaijan needs to focus not only on investing in physical infrastructure but also on developing human capital, retaining talent, and strengthening institutions that will support economic diversification," Pryce added.

By Aghakazim Guliyev