During the event, President of Azerbaijan Ilham Aliyev highlighted the key economic achievements since the beginning of the year and outlined priorities for the remaining months.
The President reported that economic growth in 2024 has reached 4.3%, which is a positive result given the global geopolitical situation. The non-oil sector has grown by 7%, reflecting the ongoing diversification of the economy. A critical topic of discussion was the stability of oil production. Aliyev noted that following negotiations with foreign oil companies, the decline in production is expected to be addressed.
Additionally, the head of state emphasized the continuation of social reforms, announcing that the minimum wage and pensions would be increased in 2025, despite the low inflation rate of 1%.
Particular attention was given to the reconstruction of Karabakh and East Zangezur, as well as the need to strengthen the country’s military potential. The President stressed that next year, Azerbaijan will continue developing its economic model focused on independence and sustainable growth.
