Baku. TurkicWorld:

A meeting dedicated to the results of 1Q2022 in Azerbaijan was recently held under the chairmanship of President Ilham Aliyev. It was noted at the meeting that despite global shocks, the Azerbaijani economy was able to maintain rapid growth rates over the past quarter. The GDP increased by 6.8 percent in 1Q2022.

The non-oil economy grew by more than 10 percent. External public debt has been reduced. The external public debt was 18 percent of GDP in April 2021, at present it is only 12.5 percent. Azerbaijan reduced its external debt by more than $600 million over the year.

Commenting on the matter, US analyst Irina Tsukerman told TurkicWorld said that President Ilham Aliyev's visionary leadership has been instrumental to growth of economy and to a rise in quality of life.

She noted that there are several factors contributing to Azerbaijan's positive economic growth.

First, with 20 percent of the country now liberated [from Armenian occupation], the clearing and reconstruction efforts are stimulating the economic activity.

Second, amidst the energy crisis in Europe, Azerbaijan, as an important energy supplier is both playing an instrumental role and benefiting from the rising prices on oil and gas.

Third, as a direct result of its positive engagement with the European Union and efforts in outreach to its neighbors, Azerbaijan is playing a rising role in regional and global problem-solving which both stimulated human potential and helps attract investments and to present the country in a positive light before the international financial institutions.

“It's also worth noting that Azerbaijan's non-energy sector is expanding, which means that Azerbaijan is successfully diversifying its economy. Another issue worth noting are the economic reforms that have been undertaken by President Ilham Aliyev since 2018, including tax reforms, education, agriculture, rural development, environment, and energy,” she said.

“Since 2019, there's been more of a budget allocated to education which leads to more qualified professionals entering the job market. There's been also a growth in health care and expansion of human capital in that sector. The government is successfully expanding leading industries and sectors which are both contributing to the economy and to a rise in quality of life. President Ilham Aliyev's visionary leadership has been instrumental in that regard,” she said.

In turn, Peter Tase, US expert, strategic adviser on international affairs and public diplomacy to governments, universities, and corporations in Europe and the Americas, told TurkicWorld that patriotism, unbridled leadership embraced while executing large infrastructure projects are the highlight in Azerbaijan and President Ilham Aliyev is Eurasia’s most dynamic president.

“Fuzuli International Airport construction and inauguration, Agdam Industrial Park, strengthening of agriculture economics and advancement of regional energy projects are the main source of having a positive economic performance of Azerbaijan in the first quarter of 2022,” he said.

Tase noted that European Union and European Commission are aware of these economic endeavors in Azerbaijan and unwavering statecraft of President Ilham Aliyev has been emphasized and highlighted in Brussels and Strasbourg.

“The Economy of Azerbaijan has delivered impressive results thanks to the top notch performance of the government of Azerbaijan and the war against corruption and organized crime in the country has been highly successful. Azerbaijan will continue to expand its presence in international markets and national economy has a promising environment and definitely improve the wellbeing of all citizens in Azerbaijan,” Tase added.

President Ilham Aliyev is a statesman with outstanding vision, commitment, fortitude and positive energy, Tase said, adding that all these qualities have helped his administration achieve impressive economic results.