MP: Azerbaijan can get 5 percent annual growth

The economic growth rate in Azerbaijan is lower than the growth rate of the world, Azernews reports.

MP Ali Masimli said this during the discussion of the draft law "On the 2024 State Budget of the Republic of Azerbaijan" at the Milli Majlis.

The MP noted that a healthy economic growth rate for Azerbaijan is 5%, and this can be achieved by deepening reforms in the country and taking serious steps.

"In addition, the volume of innovative products should increase. Innovative products in the country are equal to 0.5% of all products. More than 90% of industrial products produced in Azerbaijan are located in Baku and Absheron. It is very important to take steps towards opening more promising and innovative workplaces in the regions.

Ali Masimli also added that the economic growth rate in Azerbaijan has started to be below the average growth rate in the world.

"That is, it has moved to a slower economic growth trajectory. We believe that Azerbaijan has enough potential to move from a slower economic growth trajectory to an accelerated one."