President: Azerbaijan managed to avoid ‘Dutch disease’

Azerbaijan’s economy has tripled over the last decade. Foreign debts comprise 10 percent of the gross domestic product. In the years of independence, $200 billion were invested in the country.

Azerbaijani President Ilham Aliyev made the remarks at the 48th annual meeting of the Asian Development Bank’s Board of Governors in Baku on May 4.

The head of state said that Azerbaijan continues to be an attractive country in terms of foreign investment.

“The unemployment rate in Azerbaijan is 5 percent. Our greatest achievement is the reduction of poverty down to 5 percent. That is indicative of the fact that we did not even undergo the “Dutch disease”. In some countries, the wealthy get wealthier, and the impoverished get more impoverished. Our goal was to make sure everyone benefits from the revenues. The citizens can witness today new workplaces being opened, infrastructure projects being implemented,” noted the president, adding that Azerbaijan has approved three state programs on development of its districts.

“We have built more than 500 hospitals and over 3,000 schools at the expense of the Oil Fund,” President Aliyev stressed.

SOURCE: Azeri Press News Agency