World Bank sees Azerbaijan poised for leap into high-income nation

Azerbaijan has the potential to transition from the group of middle-income countries to the high-income category, according to a senior World Bank official.

Speaking at an event in Baku on the World Bank’s 2024 World Development Report (WDR), Rolande Pryce, Regional Director for the South Caucasus at the World Bank, highlighted the nation’s economic prospects, Caliber.Az reports.

"Azerbaijan stands at a pivotal moment, with the opportunity to move from a middle-income to a high-income economy," said Pryce on February 10. "This shift is possible if the country embraces the three key principles identified by the World Bank: Investment, Infusion (the spread of advanced knowledge and technology), and Innovation."

She emphasized that these elements are crucial for fostering sustainable economic growth and development.

Pryce further pointed to the importance of improving the investment climate to attract foreign and domestic capital. "Investing in education quality and expanding vocational training programmes is vital, ensuring that the workforce has the necessary skills to thrive in a rapidly changing global economy," she explained.

Additionally, the World Bank report stressed the need to foster competition among market leaders through integration into global markets. "Effective governance and strong institutions are essential for creating a favourable business environment and promoting the dissemination of advanced technologies," Pryce added.

The report also calls for enhanced support for research and development, promoting entrepreneurship, and creating an environment conducive to technological innovation. "Competition and a level playing field for businesses are critical factors in the dissemination of knowledge and driving innovation," Pryce concluded.

Azerbaijan’s ongoing economic reforms and commitment to technological advancement may help it realize its potential as a high-income nation in the near future.

By Aghakazim Guliyev