The average growth rate was 1.3 percent between 2010 and 2015, according to the report.
The level of urbanization in Azerbaijan has been consistently low despite the rapid economic growth.
Azerbaijan’s GDP grew at an annual average of 11 percent in 2000–2015, the report said. “This impressive growth was accompanied by poverty reduction through higher social transfers and a dramatic rise in real wages,” reads the report.
Average annual growth rates of real GDP per capita fall within the range of 3 percent in Absheron, one of the richest economic regions, to above 10 percent in Nakhchivan Autonomous Republic.
Azerbaijan joined the World Bank Group in 1992. Since then, the bank has allocated loans for over 50 projects worth over $3 billion in the country. Seven more projects worth about $1.5 billion are being implemented. In addition to loans, in 1995-2014, the WB allocated 45 grants totaling $41.586 million to Azerbaijan.