New Metro Trains Purchased 1.02% Cheaper

Azerbaijan’s energy sector remains the backbone of its economy, contributing nearly half of government revenues, buoyed by elevated oil prices. Despite a gradual decline in oil production, the rate of decrease has slowed, reflecting a stabilized approach to managing the country’s hydrocarbon resources.

Azerbaijan navigated a turbulent economic period in 2024, characterized by inflationary pressures, persistent fears of devaluation, and limited structural reforms. While official data pointed to moderate inflation, deeper vulnerabilities and growing public dissatisfaction cast a shadow over the country's financial stability, economist Gubad Ibadoglu noted.

Azerbaijan's agricultural sector faced a difficult year in 2024, with unresolved systemic issues, declining growth dynamics, and a surge in food imports highlighting the nation's dependence on foreign supplies, according to government and industry reports.

As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.