Azerbaijan's position in new WEF report causes optimism - expert

  17 October 2018    Read: 887

The position of Azerbaijan in the Global Competitiveness Report 2018 of the World Economic Forum (WEF), prepared according to a new methodology, is the result of successful economic reforms carried out in the country, Doctor of Economics Muslim Ibrahimov told Trend Oct. 17.

"The rating has undergone major changes. The main changes involved describing the status of the country, its competitiveness and business environment in the context of global changes and challenges. However, in this case it is clear that there is a certain picture of how the country builds its institutional environment today. This includes, first of all, social policy, establishing business environment, and in general, the status of the socio-economic system," he said.

"Of course, it is very pleasing that all those actions that were carried out by Government of Azerbaijan in the course of time, ultimately did their positive part. The position taken by the country in this rating causes nothing but optimism," Ibrahimov said.

He noted that one of the features of the updated rating is that all the indicators in it are closely related to each other.

“Each indicator provides some correlation to another indicator. I would say that all indicators that are included in this rating are primarily based on a new approach - this is an inclusive economic growth, when a country creates an environment that is resistant to global shocks. The country is ready to tackle issues that, in principle, were caused by problems in the global economy," says Ibrahimov.

"Speaking of inclusive economic growth, we can say that due to the fact that Azerbaijan implements the Strategic Road Maps for the national economy and the main sectors of the economy and economic growth is at the forefront, to some extent we even outpaced the events. Of course, those indicators that are being evaluated today are also indicated in the road maps. Azerbaijan continues the policy of sustainable economic development and a solid base has been created in the country to continue economic reforms," the expert noted.

Some 68 new indicators were included in the seriously changed methodology of the Global Competitiveness Report of the WEF, and 84 (74 percent) of 114 indicators were excluded. Thus, 70 percent of the 98 indicators are completely new. Azerbaijan is estimated by new methodology for the first time. The country together with Turkey, Serbia, Georgia, South Africa and Croatia entered the list of top seventy countries.

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