Asian Development Bank (ADB) appreciates Azerbaijan's efforts in
shifting to a green economy, ADB's Chief Economist Albert Park told
'ADB is very keen to help address the challenges of climate
change. We encourage countries we work with to put priority on
greening their economies by shifting to renewable energy resources.
We are working in Azerbaijan to support projects in renewables and
support the government in its green strategy. Azerbaijan has been
dependent on fossil fuels for a long time, but we see a political
will in the country to switch to a green economy, and we see
positive developments,' he said.
According to the chief economist, ADB expects that Azerbaijan's
economic growth in the current year will be more than 4 percent,
with a slight slowdown in 2023. As for the inflation rate, the Bank
expects it to be double digits in 2022.
'Azerbaijan is in a better position than most countries, due to
the increase in budget revenue. The goal in Azerbaijan is to look
beyond the current situation and prioritize longer-term objectives.
The main goal is to diversify from oil revenue as the main source
of economic production, and there are some promising signs. It
looks like non-oil activities have been growing rapidly lately. And
there are plans to set up new industrial parks and support non-oil
production in different ways. This is a correct orientation,' he
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