Doing Business - 2016: Azerbaijan Again in 63rd Line
The report «Doing Business - 2016: assessment of the quality and effectiveness of the regulation" has been published, sponsored by the experts of the World Bank and the International Finance Corporation. Azerbaijan, like last year, took the 63rd position out of 189.
According to the indicator "starting a business" Azerbaijan is at the 7th place (previously 12th), for the protection of minority shareholders - 36th (it was 51st), the execution of contracts - 40th (saved), to solve the problems of insolvency - 84th (it was 94th), to obtain building permits – 114th (it was 150th), for connection to the power supply system - 110th (it was 159th). In addition, on property registration, the country was at the 22nd place (it was 10th), paying taxes - 34th (it was 33th), for the development of cross-border trade - 94th (it was 166th), on the availability of credits - 109th (it was 104th).
For authors attributed the success of the reform of 3 June 2014 to June 2015 - on top of business, obtaining construction permits and protecting the rights of minority shareholders.
The leader of the ranking, as before, is Singapore. In the post-Soviet space Azerbaijan is ahead of Estonia (16th), Lithuania (20th), Latvia (22nd), Georgia (24th), Armenia (35th), Kazakhstan (41st), Belarus (44th), Russia (51st) and Moldova (52nd). --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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