Azerbaijan improves its position in new WEF Global Competitiveness Report

Azerbaijan has again improved its position in the Global Competitiveness Report of the World Economic Forum (WEF), entering the top 70 of the rating.

The report, published on October 17, was prepared on the basis of a new methodology. The changes in the methodology developed with regard to global trends were so profound and comprehensive that the WEF called it the new generation methodology “4.0”.

Azerbaijan is estimated by new methodology for the first time, taking the 69th place.

After the restoration of state independence in 1991, the main focus of the government was the creation of an economic system based on various forms of ownership, the transition to market relations and integration into the world economy.

In a short historical period after the restoration of state independence, very great successes were achieved in the country’s socioeconomic development and integration into the world economic system.

The biggest achievement was a new economic reform model, that emerged as an Azerbaijani model.

The report reads that Azerbaijan is a country where social equality is ensured at the highest level in the world. The country received 100 points, being placed on the first place by the level of electricity supply to the population.

At the same time, most of the sub-indicators for which Azerbaijan was at the forefront, were not taken into account in the new methodology.

For example, the negative impact was exerted on the position of Azerbaijan under the “Macroeconomic stability” indicator due to the fact that such sub-indicators as “balance of the state budget”,“total public debt”, “total national income”, “country’s credit rating” for which Azerbaijan held high positions, were not included at all in the new methodology.

Among 140 countries, Azerbaijan ranked 31st in the business dynamism rating. It was possible to achieve such a high result thanks to the economic reforms conducted by President Ilham Aliyev.

Azerbaijan has the following positions by sub-indicators being a part of this indicator: “The required number of days to start a business” sub-indicator - 17th place, “Regulatory and legal framework for bankruptcy” sub-indicator - 17th place, “Business risks” sub-indicator - 21st place, “Influence of ideas on the company” sub-indicator - 25th place.

Despite the fact that the first "Global Competitiveness Report" of the new generation was prepared on the basis of a completely new approach and taking into account the global trends, Azerbaijan was able to show good results.

The position of Azerbaijan in the report is the result of successful economic reforms carried out in the country.

Socio-economic reforms being implemented in Azerbaijan strengthen the country’s economy and increase the well-being of citizens.

The report demonstrated not only the success and achievements of Azerbaijan, but also the interest of the world political and economic elite in the country.

An analysis of the report clearly shows that Azerbaijan has become a model of dynamism and sustainability for many countries.

The report clearly noted that Azerbaijan has significantly improved its position on such indicators as education, business dynamics.

Today, Azerbaijan is one of the rapidly developing countries of the world from a political and economic points of view.

Azerbaijan has become a leading country in the region, which has achieved a stable domestic political situation and sustainable economic development.

The authority and fame of Azerbaijan in the international world is growing continuously. Azerbaijan is known all over the world as democratic, legal and secular state. The stability in our country and carrying out internal reforms positively affect the extension of the international relations.