The Prime Minister considers the government's activities successful, but the figures...

The Milli Majlis has gathered today to discuss a comprehensive report detailing the activities of the government of Azerbaijan throughout 2023. Prime Minister Ali Asadov spoke about government spending, social security initiatives and efforts to combat inflation, as well as the financing requirements for the ambitious state program "Big Returns".

Prime Minister Asadov stressed the significant allocation of 13.1 billion manats, which is 36 percent of state budget expenditures, for socially oriented expenditures in 2023, which means a significant increase by 2022 percent compared with the allocation of 12.7 billion manats in the previous year. In addition, Asadov stressed the government's commitment to improving social welfare, noting a 15 percent increase in the minimum wage, which was used by about 700,000 people, and a noticeable increase in the minimum and average pensions by 16.7 percent and 17.3 percent, respectively.

Touching upon the issue of inflation, Prime Minister Asadov stressed the effectiveness of the measures taken, as a result of which the average annual inflation rate in 2023 will be 8.8 percent.

As for the financing needs of the Great Return State Program, Asadov explained that more than 32 billion manats will be required for its successful implementation, while 12.1 billion manats will be allocated from the state budget for 2021-2023. In addition, he announced plans to allocate 4 billion manats for these purposes in 2024.

After discussion, the report was approved by a vote in the Milli Majlis.

Mazakhir Efendiyev, a member of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship, in an interview with Turan highlighted the multifaceted achievements arising from Azerbaijan's multi-vector policy, highlighting significant successes in various fields.

Efendiev's assessment highlighted the commendable achievements of the Government, especially in the implementation of programs in the liberated territories. These initiatives mark a key step towards efforts to rebuild and revitalize the regions previously affected by conflict, demonstrating Azerbaijan's commitment to strengthening stability and development after territorial disputes.

In addition, Efendiyev noted the constant efforts to "whitewash" the Azerbaijani economy, indicating the ongoing reforms aimed at increasing transparency, accountability and efficiency within the framework of economic relations.

However, economist Rashad Hasanov offered the opposite perspective, describing 2023 as the absence of significant economic progress, citing economic growth of only 1.1 percent, which, in his opinion, is not enough for a developing country like Azerbaijan. In an interview with Radio Azadlig Hasanov also criticized the preservation of monopolistic practices, pointing to the continuity of established norms, rather than significant changes.

Recognizing the positive changes in legislation, such as the adoption of laws on public procurement, competition and microenterprises, Hasanov expressed reservations about their tangible impact on the economy, stressing the need for empirical data to assess their effectiveness.

With regard to inflation management, Hasanov noted partial success due to corrective measures in monetary policy, which have led to a decrease in inflation rates since the beginning of 2024.

The various assessments presented highlight the complexity of the state of the Azerbaijani economy, reflecting the relationship between government initiatives, legislative reforms and empirical results. As Azerbaijan overcomes the challenges and opportunities inherent in its economic development, critical dialogue and careful analysis remain essential to promote sustainable growth and equitable development in the years ahead.