Scientific approach to economics
Regional entrepreneurs and economists have a chance to be think-tanks for future economic reforms. Structuring meeting European standards will quickly and efficiently take up reforms in this area. Diversification involves not only the advantage of the real economy over the oil and gas industry, but also the increasing geographical business area.
They talked about it in training in Ganja and Sheki, which the EU organized for local NGOs, with the leading international specialist from Atlas Economic Research Foundation, Executive Director of Siap Solutions Pte Ltd Rainer Heuferts.
According to the chairman of the Center for Economic Research, Doctor of Economic Sciences Gubad Ibadoglu, strategic planning will allow more efficient use of the achievements of the local economy.
The seminar benefited dozens of representatives of 17 specialized non-governmental organizations. Those who want to become more advanced economists taking part in the events can contact the CER on the phone (+99412) 465 18 47 or by E-mail: office@erc.az. - 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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