The year 2024 was marked by the deepening of the next stage of transition to a new world economic system and a new technological structure. However, despite the negative impact of all these effects on the world economy, there is the presence of adaptive mechanisms against these processes in the main macroeconomic indicators of Azerbaijan.
The economist said this in a conversation with Day.Az Aslan Azimzade.
According to him, although the leading countries of the world are experiencing serious volatility in key economic indicators, Azerbaijan has seen an increase in most key economic indicators.
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“The most important of them is GDP. Thus, the volume of gross domestic product in January-November of this year amounted to 113.3 billion manat, which is 4.1 percent more than last year. For comparison, I would like to note that in developed countries the range between these indicators usually hovers around 3 percent. According to the World Bank, last year the global GDP growth rate was 2.8 percent, so it can be stated that the GDP growth rate. Azerbaijan this year exceeded the growth rate of world GDP for 2023. It should be noted that compared to January-November 2023, the production of added value in the non-oil and gas sector increased by 6.4 percent. For comparison, we note that in previous years this figure. was 3.2 percent,” the economist said.
Thanks to the political will of President Ilham Aliyev, the progressive social policy pursued in the country over the past 6 years is clearly manifested in the macroeconomic indicators of the current year, our interlocutor noted. Thus, during this period, the nominal income of the population amounted to 74,670.8 million manats, which is 6.3 percent more than last year. At the same time, nominal income per capita increased by 5.8 percent compared to last year. The social well-being of the population has increased as a result of the effective social policy formed in our country, the main direction of which is to ensure the sustainable development of active employment measures, Azimzade emphasized.
“According to preliminary data, as of December 1, 2024, the number of economically active population amounted to 5310.2 thousand people, of which 5027.6 thousand people were employed, which is a very important indicator. As a result of an active employment policy, an increase in the number of employed population creates a synergistic effect and influences the stimulation of consumption and protection of the domestic market,” our interlocutor said.
An important area, according to the economist, is investment lending to the economy. As of November 1 of this year, credit investments in the economy amounted to 28,779.2 million manats, which is 24.1 percent more than the same period last year.
“If you look at the distribution of credit investments over time, you can see that compared to last year, short-term credit investments increased by 19 percent, and long-term ones by 25.1 percent. In general, it should be noted that stable growth trends in key macroeconomic indicators Azerbaijan, during a period of turbulence in the world economy, proves the effectiveness of the country’s socio-economic policy,” concluded Aslan Azimzade.
Leila Tariverdieva