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.
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