Press Online Store Tax Burden 88.0 Create a Graph using this measurement, Government Spending 63.0 Create a Graph using this measurement, Fiscal Health 99.2 Create a Graph using this measurement. Azerbaijan’s economy grew by 2.2 percent in 2019, its best performance since 2014. The reforms envisage a transition from the heavily fragmented, territory-based management of the motorways network to corridor-based operation and maintenance. Azerbaijan Economic Growth The economy is seen contracting at the sharpest pace in over two decades this year on the Covid-19 fallout. Currently, the CPF is undergoing a mid-term review that, among other outcomes, will identify new areas for partnership with the country for the next two years. Going forward, they will be fully responsible for meeting the newly established contractual service standards and performance indicators. 5 years of Azerbaijan economic forecasts for more than 30 economic indicators. Efforts to boost Azerbaijan’s energy production are underway. Several recommendations emerged on ways to support Azerbaijan to improve its human capital, including the need to increase public spending on health and education, improve the access and quality of early education, narrow the learning gap, increase the access to tertiary education and reform vocational training, reduce out-of-pocket expenditure in health, strengthen the primary health care system, do more to identify vulnerable households, and expand the social safety nets that target poverty. Google+, Facebook Amendments to Azerbaijan’s constitution in 2016 enabled authorities to expropriate private property, with compensation, for purposes of “social justice and efficient use of the land.” The corrupt and inefficient judiciary is subject to political pressure, and outcomes frequently appear to be predetermined. The aspiration to become a major regional economic player and international transit hub prompted Azerbaijan in the mid-2000s to invest in the upgrading of its main road network to motorway standards. Azerbaijan’s economic freedom score is 69.3, making its economy the 44th freest in the 2020 Index. About Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Global data and statistics, research and publications, and topics in poverty and development, *Amounts include IBRD and IDA commitments. Although forum participants expressed appreciation of the tremendous progress Azerbaijan has made on multiple fronts since its independence a generation ago, they also acknowledged that the current level of human capital and its contribution to the national wealth is not commensurate with the country’s income level. Although the oil windfall of recent decades and generous financing from international financial institutions have substantially facilitated implementation of this objective, modernizing ineffective road management and maintenance practices inherited from the Soviet era has proved a challenging task. The average applied tariff rate is 5.2 percent. Government-connected holding companies’ dominance of the economy prevents the formation of a more fluid labor market. Consumer price inflation decelerated sharply in 2018, falling to 1.6 percent from 7.9 percent in 2017. The top individual income tax rate is 25 percent, and the top corporate tax rate is 20 percent. The surpluses on Azerbaijan's external accounts narrowed in 2019. LinkedIn Find out what the Bank Group's branches are doing in Azerbaijan. Although payments to maintenance enterprises will be made regardless of their inputs, they will be held responsible for maintaining measurable service levels and penalized for each case of non-compliance. After the successful implementation of this phase, the project introduced performance-based contractual relations between the Road Agency and motorway maintenance entities. Client Log In, Facebook Twitter The oil and gas sectors have attracted the majority of foreign investment, but the country has moved toward diversification of its economy. These include the nomination of a new prime minister and the appointment of several key ministers in charge of education, tax reforms, agriculture and rural development, the environment, and energy. Since economic prospects will largely rely on rising gas exports, the projected acceleration in growth in the medium term will be temporary. Since the presidential election in April 2018, the Government of Azerbaijan has undergone significant changes. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. Click on the button below to get started. Google+, © Copyright: 2020. My Cart Azerbaijan's official national poverty rate is low, standing at 5.1 percent in 2018. While oil production plateaued, the hydrocarbons sector overall posted growth of 1.1 percent, thanks to higher exports of natural gas. Azerbaijan is ranked 24th among 45 countries in the Europe region, and its overall score is just below the regional average and well above the world average. The Bank’s program has two main focus areas: The Bank is also supporting the country to strengthen public resource management, facilitate public service delivery, improve the quality of environmental assets, improve selected infrastructure networks, increase the country’s financial inclusion, reduce the regulatory burden on the private sector, and bolster economic activities in rural areas. Twitter The Country Partnership Framework (CPF) 2016-20 for Azerbaijan aims to support the country on its path to sustainable, inclusive, and private sector-led growth. On the demand side, investment remained anemic while rising real incomes, as a result of higher government spending, supported consumption. Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. The World Bank supports the Government of Azerbaijan in implementing motorway maintenance reforms through the Third Highway Project. Business Freedom 80.8 Create a Graph using this measurement, Labor Freedom 66.2 Create a Graph using this measurement, Monetary Freedom 69.8 Create a Graph using this measurement. All Rights Reserved. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). To set the conditions for greater economic freedom, the government will need to focus on improving government integrity and judicial effectiveness, and that will require significant institutional changes in the authoritarian political system, the overlapping of corporate and political interests, and the economy’s highly concentrated ownership structure. Its economy is now on the verge of joining the ranks of the mostly free. The government has, however, made efforts to combat corruption, particularly in customs and government services. Inflation remained low in 2019 and early 2020, with annual consumer prices edging up to 2.8 percent year on year in February 2020. The motorway enterprises currently perform a standard set of routine road maintenance and operation activities, such as monitoring and patrolling, cleaning, pavement maintenance, drainage, signalization and signage, and so forth. Its overall score has increased by 3.9 points because of big gains in scores for business freedom, investment freedom, and fiscal health. Ongoing subsidies continue to create price distortions for such goods as alcohol, drugs, energy, food and other agricultural products, and electricity. The financial sector is dominated by state-owned banks but remains stable. Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index. With the confluence of rapid technical change and globalization and the need to engage in the global knowledge economy, investments in human capital will be key to Azerbaijan’s ability to collaborate and compete with other nations. Get a sample report showing our regional, country and commodities data and analysis. Highway 3 Project – Road Maintenance Reforms. The goal of the forum was to support the Government in accelerating investments in human capital as a critical step to boosting more inclusive and sustainable growth. Public debt is equivalent to 19.4 percent of GDP. Azerbaijan’s economic freedom score is 69.3, making its economy the 44th freest in the 2020 Index. Find Out. But further efforts are needed to align budget spending with development needs, including through strengthening medium-term budgeting and the public investment management system.

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