In a recent interview with local media, President Ilham Aliyev shed light on Azerbaijan's socio-economic results for 2024, offering a comprehensive analysis of the country's economic performance and its trajectory toward 2025. Reflecting on the year’s achievements, the President emphasized the importance of non-oil sector growth, fiscal prudence, and strategic planning as pivotal factors in Azerbaijan's ongoing development.

Solid economic growth despite global challenges

Azerbaijan's economy showed resilience in 2024, achieving a Gross Domestic Product (GDP) growth rate of over 4 percent, an impressive result given the current global economic uncertainties. President Aliyev highlighted the significance of the country’s non-oil sector in driving this growth. With the global decline in oil production, Azerbaijan has increasingly relied on diversification, and the non-oil sector grew by over 6 percent. This sector’s success was primarily driven by an expansion in non-oil industrial production, which saw a remarkable increase of more than 7 percent. According to President Aliyev, this growth rate is notable when compared to the global economy, where many developed countries have faced stagnation or recession.

“After years of economic reforms, transparency, and the fight against monopolies, Azerbaijan has made significant strides in creating a positive investment climate,” President Aliyev remarked.

This transformation has not only led to substantial economic growth but has also attracted international recognition. Leading international rating agencies have acknowledged the country's progress, though the........

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