Azerbaijan Seeks to Overcome the "Middle-Income Trap" Through Investments, Reforms, and Knowledge – Deputy Minister of Economy

Azerbaijan Caspian Shipping Company (ASCO) has resumed regular cargo and passenger transportation after severe weather conditions disrupted operations in the Caspian Sea, the company said on Monday.

Countries in Europe and Central Asia must not only attract investment but also actively adapt and disseminate technology to ensure sustainable economic growth, according to Ivailo Izvorski, Chief Economist for the region at the World Bank. Speaking at the presentation of the World Development Report 2024, Izvorski highlighted structural issues that are slowing down private sector development.

Azerbaijan is now among 54 middle-income countries, said Shahmar Movsumov, Head of the Department for Economic Affairs and Innovative Development Policy at the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku.

Azerbaijan’s Ministry of Labor and Social Protection has introduced regulatory amendments to align existing labor laws with recent legal reforms, the ministry’s Collegium announced in a decision published Monday.