Samir Sharifov: Azerbaijan for the short period transformed from a low-income to a middle-income country

Baku, May 4, AZERTAC

Azerbaijan for the short period has turned from a low-income country to a middle-income country. This success was achieved generally as a result of economic transformation.

This was stated by the Minister of Finance of Azerbaijan Samir Sharifov at a seminar "Rethinking Growth Potential and Growth Models" held in Baku as part of the 48th Annual Meeting of the Board of Directors of the Asian Development Bank (ADB) in Baku on May 3.

"We achieved reduction of the poverty level in Azerbaijan. For the short period, poverty level in Azerbaijan reduced approximately by 10 times. If in due time poverty level in the country made 50 percent, now it is lower than 5 percent. Now in Azerbaijan the income of the population is stable. And it, certainly, can be connected with growth of welfare of the country in general. These indicators were achieved at the expense of investments in physical and social infrastructure. The correct use of economic recovery has positive impact on society", - the Minister emphasized.

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