Economy Minister reveals his outlook on Azerbaijan's economy

Minister of Economy Mikayil Jabbarov

© APA | Minister of Economy Mikayil Jabbarov

# 06 October 2021 11:34 (UTC +04:00)

Average annual growth rate of GDP is forecasted to be 4.2%, non-oil GDP 5.2% during the next medium-term of five years, said Minister of Economy Mikayil Jabbarov during his speech at the event organized in Baku on "Financing sustainable development: Sustainable and green recovery from COVID-19 pandemic", APA-Economics reports.

According to him, annual real growth rate is forecasted 4.8% on the basis of reviewed forecasts of the Ministry of Economy, which is significantly more than initial forecasts.

"At the same time, non-oil export is targeted to be increased by two times, the share of the private sector in GDP to reach 88%, share of small and medium businesses in GDP to reach 35% until 2025," noted M. Jabbarov.