Second Economic Forum of the Gulf States and Azerbaijan to Be Held in Baku

In a notable shift in Azerbaijan’s fiscal space, the country’s domestic public debt has soared, rising 3.3 times in the first half of 2024 compared to the same period last year. By mid-year, the debt reached 16,571.9 million manats, equivalent to 23.5% of GDP, according to data released by the Ministry of Finance. This rapid increase has sparked debate over the country's fiscal strategy as the government navigates a complex balance between stimulating economic growth and managing rising debt.

For the first time since the onset of Russia's full-scale war against Ukraine, Russian President Vladimir Putin has made an official state visit to Baku, underscoring a renewed focus on strengthening economic ties. The visit, marking a significant diplomatic engagement, primarily focused on expanding cooperation in the energy sector, as noted by economist Gubad Ibadoglu.

Azerbaijan's GDP per capita sharply increased by 14.2% in the first half of 2024, reaching $4,068, according to the country's latest economic data. This surge occurred against the backdrop of steady nominal GDP growth, which reached 70.544 billion manats (approximately $41.5 billion) from January to June 2024. As of July 2024, Azerbaijan's population stood at 10.2 million, providing additional context for the per capita growth figures.

The 2nd meeting of the Azerbaijani-Tajik working group on agriculture was held in Baku, bringing together officials and industry representatives from both countries to explore potential avenues for increased cooperation. The meeting featured Azerbaijani Deputy Minister of Agriculture Elchin Zeynalov and Tajik Deputy Minister of Agriculture Nigina Anvari, along with stakeholders from relevant sectors.