Azerbaijan improved its position in the ranking of competitive countries
Baku/27.09.17/Turan: Azerbaijan has improved its position in the ranking of competitive countries for the year, rising from 37th to 35th place, according to the Global Competitiveness Index 2017-2018, prepared by the World Economic Forum (WEF).
This result was obtained on the basis of analysis of the economies of 137 countries by the WEF expert in three main categories - basic requirements, efficiency enhancers, innovative factors. The categories included 12 spheres (public institutions, infrastructure, macroeconomic environment, healthcare and primary education, higher education and vocational training, goods and services market, labor market, financial market sophistication, technological level, market size, companies competitiveness, innovations).
Azerbaijan is ahead of Russia (38th place), and its regional neighbors: Turkey ranks 53rd, Iran 69th, Georgia 67th, Armenia 73rd.
The best indicators were achieved in the areas of: labor market efficiency, institutionalization, innovative factors, business sophistication, commodity market efficiency.
The worst results: the macroeconomic environment, health and primary education, the development of the financial market, higher education and training, the size of the market. -0-
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- 27 September 2017 16:41
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- 28 September 2017 01:43
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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