Azerbaijan’s President Ilham Aliyev has hailed 2024 as a resounding success for the country’s economy, citing significant growth and development across various sectors.
According to President Aliyev, Azerbaijan’s GDP increased by over 4% in 2024, driven primarily by the non-oil sector, which expanded by 6%.
The non-oil industry sector also saw impressive growth, with a 7% increase.
Azerbaijan’s foreign exchange reserves surged to $72 billion, a significant milestone for the country’s economy.
President Aliyev attributed this success to the government’s commitment to transparency, good governance, and economic reforms.
The president also highlighted the country’s low external debt-to-GDP ratio of 7.2%, which is a notable achievement compared to other developed countries.
As Azerbaijan looks to the future, President Aliyev has pledged to continue prioritizing social development, with significant increases in minimum wage and pension.
