Baku, Azerbaijan, March 29
By Ilkin Shafiyev - Trend:
Azerbaijan needs to accelerate transition to investment-driven economic growth model, expert-economist Farhad Amirbayov told Trend.
Consumption-driven economic growth model can be presently observed in Azerbaijan, he said.
“Azerbaijan is undergoing a radical economic restructuring,” he noted. “The country is switching from an oil model to an industrial one. Accordingly, it is necessary to introduce a new financial model – investment one, in which savings should be transformed into investments.”
In his turn, expert-economist, Doctor of Economic Sciences Muslim Ibrahimov told Trend that the transition to the investment-driven economic growth model in Azerbaijan is conditioned by the adoption of strategic road maps for economic development in the country.
“Previously, Azerbaijan used a demand stimulation model, which envisages taking measures to increase the purchasing power of the population,” Ibrahimov said. “However, the adoption of strategic road maps for economic development in Azerbaijan in 2016 implies inclusive economic growth, which means switching to stimulation of the supply. That is, the Azerbaijani citizens should participate in the creation of the gross national product. The budget and extrabudgetary funds will be mainly directed to the production of investment goods.”
The expert added that the savings of the population may be diverted to the real sector of the economy through banks, the stock market and investment funds.
