Azerbaijan Moves Forward on Formal Indicators of Economic Competitiveness
Azerbaijan's promotion in the top three lines compared to last year's ranking of global competitiveness was stated by the World Economic Forum (WEF). According to the report published for the years 2016-17, the country is located on the 37th position among 138 countries.
From the maximum 7 points Azerbaijan received 4.6. According to the researchers, the relatively positive result was achieved due to a better and more complete coverage of the reform that has improved the business environment and the goods market efficiency.
In recent years, the country has had a leading position (3rd place) in the number of procedures required to start a business, the 9th place in time in this segment, and the 18th place on the involvement of women in the labor market.
The breadth of coverage of the Internet was the 33rd place, protection of investors - 36th, macroeconomics - 39th, the level of public debt - 41st, innovation - 44th, financial market development - 97th, technological readiness - 55th, market volume - 63rd, business diversification - 60th, and the development of efficiency amplifiers - 59th.
As in the previous report, Azerbaijan leads in the ranking among the CIS countries, with Russia being the 43rd, Kazakhstan - 53rd, Georgia - 59th, Tajikistan - 77th, Armenia - 79th, Ukraine - 85th, Moldova - 100th, and Kyrgyzstan - 111th. Others were not included in the rating.
The leaders are traditionally Switzerland, Singapore, the USA, the Netherlands, Germany, Sweden, the United Kingdom, Japan, Hong Kong and Finland. At the end of the table are Chad, Mauritania and Yemen.
The ratings combine statistics with the results of a survey of business executives and a comprehensive annual survey, which is conducted in collaboration with national partners in the face of government and non-governmental organizations. --17D-
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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