Na­tional econ­omy jumps by 3.5 times over decade

Azer News - - Front Page - By Amina Nazarli

The Azer­bai­jani econ­omy grew by 3.5 times over the past 1012 years, said Ali Ah­madov, Azer­bai­jan’s Deputy Prime Min­is­ter.

He made the re­marks at a meet­ing of the Com­mis­sion on Reg­u­la­tion and Co­or­di­na­tion of La­bor Re­la­tions with rep­re­sen­ta­tives of con­struc­tion sec­tor in Baku on April 27. The Com­mis­sion headed by Ali Ah­madov was cre­ated in March 2017.

“Over this pe­riod, pen­sions and salaries in­creased by ap­prox­i­mately three­fold in Azer­bai­jan, and 1.5 mil­lion jobs were cre­ated at the ini­tia­tive of the head of state,” he noted. “Last year alone, 90,000 new jobs were cre­ated in the coun­try. Azer­bai­jan be­came an ex­am­ple for other coun­tries in the field of poverty re­duc­tion – as a re­sult of tar­geted pol­icy, the poverty level de­creased from 49 to five per­cent in the coun­try.”

The deputy prime min­is­ter stressed that the work is un­der­way to fur­ther re­duce un­em­ploy­ment.

“Cur­rently, the un­em­ploy­ment rate is less than six per­cent in Azer­bai­jan, while a se­ri­ous de­vel­op­ment is also ob­served in other ar­eas,” added Ah­madov.

He said that this eco­nomic growth cre­ated a solid ba­sis for ful­fill­ment of obli­ga­tions fac­ing the gov­ern­ment.

Con­struc­tion sec­tor in Azer­bai­jan is the se­cond af­ter the oil sec­tor in terms of the largest amount of in­vest­ments, stressed Ah­madov.

He said that 11.4 bil­lion man­ats ($6.7 bil­lion) out of 15 bil­lion man­ats ($8.82 bil­lion) of in­vest­ments, in­vested in the coun­try’s econ­omy in 2016 falls to the share of the con­struc­tion sec­tor.

More than 3.9 bil­lion man­ats ($2.29 bil­lion) out of th­ese 11.4 bil­lion man­ats were in­vested in fixed as­sets, he said, adding that thanks to th­ese funds 13,000 apart­ments with a to­tal area of 1.67 mil­lion square me­ters were built.

The deputy prime min­is­ter noted that the con­struc­tion sec­tor also plays a sig­nif­i­cant role in the la­bor mar­ket.

“A to­tal of 343,000 peo­ple work in the con­struc­tion sec­tor, ac­count­ing for seven per­cent of coun­try’s work­ing pop­u­la­tion, ac­cord­ing to the sta­tis­tics,” he said, adding that the con­struc­tion sec­tor is de­vel­op­ing and strength­en­ing yearly.

In the near fu­ture, Azer­bai­jan will pre­pare a project to pre­vent il­le­gal em­ploy­ment in the con­struc­tion sec­tor, Ah­madov told re­porters on the side­lines of the event.

Cur­rently, the ma­jor­ity of peo­ple work­ing with­out la­bor con­tracts are en­gaged in the con­struc­tion sec­tor, ac­cord­ing to him.

“Il­le­gal em­ploy­ment al­lows work­ers to shirk from ful­fill­ing a num­ber of obli­ga­tions - pay­ing taxes, so­cial con­tri­bu­tions. I be­lieve that our to­day's meet­ing with the lead­ers of a num­ber of con­struc­tion com­pa­nies will yield pos­i­tive re­sults. We ex­pect that all em­ploy­ees work­ing in this sphere will of­fi­cially for­mal­ize their em­ploy­ment re­la­tions," he said.

To­day, the share of the con­struc­tion sec­tor in Azer­bai­jan’s GDP amounts to about 10 per­cent.

The gov­ern­ment plans to achieve a GDP growth by 249 mil­lion man­ats ($ 141.2 mil­lion) un­til 2020, through the im­ple­men­ta­tion of mea­sures en­vis­aged in the Strate­gic Road Map for the de­vel­op­ment of hous­ing pro­vi­sion at a rea­son­able price.

The Road Map com­prises short-term (un­til 2020), medi­umterm (un­til 2025) and long-term mea­sures (post 2025) to be im­ple­mented in the sphere. Some 900 mil­lion man­ats ($493.09 mil­lion) are planned to be spent for the im­ple­men­ta­tion of the mea­sures. Un­der the Road Map, some 10,000 new jobs will be cre­ated in the con­struc­tion sec­tor of the coun­try.

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