The Center for Analysis of Economic Reforms and Communication (CAERC) of the Republic of Azerbaijan has launched a series of public lectures dedicated to the country’s successful economic reforms at leading universities. As part of this initiative, the Executive Director of CAERC, Vusal Gasimli, delivered the first lecture at the Azerbaijan State University of Economics (UNEC).

At the beginning of the event, UNEC Rector, Professor Adalat Muradov, welcomed the faculty and students. Professor Muradov noted that as a result of the socio-economic reforms successfully implemented between 2004 and 2014, Azerbaijan ranked among the top countries in terms of economic growth rate. Revenues from oil were used to modernize infrastructure, develop the non-oil economy, improve social welfare, and create strategic foreign currency reserves exceeding GDP. However, starting from 2014, the sharp decline in oil prices and economic crises in partner countries slowed down economic growth, created institutional and structural challenges, and affected the financial and banking sector. This situation necessitated a transition to a new approach to economic development, leading to the preparation of 12 Strategic Road Maps covering the national economy and 11 key sectors. The Rector highlighted the projects implemented under these Strategic Road Maps and emphasized that UNEC aims to support evidence-based economic reforms and expand research contributing to economic growth. He also stressed that UNEC provides maximum opportunities to fully realize the university’s potential.

Following this, Vusal Gasimli presented his lecture. He emphasized that under the leadership of President Ilham Aliyev, comprehensive economic reforms have helped overcome challenges caused by external shocks. During the first nine months of the year, the non-oil sector grew by 2.5%, non-oil industry by 3.1%, agriculture by 2.8%, and foreign trade turnover increased by 7%, with non-oil exports reaching USD 1.07 billion. “According to IMF forecasts, despite a slowdown in the oil sector, the overall economy is expected to grow by 2% next year. The growth rate of Azerbaijan’s non-oil sector is projected to exceed the global average. Economic reforms and the establishment of industrial, agricultural, and technoparks indicate a boom in the non-oil sector in 2018. Commercial banks are increasingly participating in the financing of the real sector. The state investment program will also support economic development, ensuring rapid growth in the non-oil sector in 2018,” he added.

At the end of the lecture, V. Gasimli responded to questions from UNEC faculty and students, noting that such public lectures play an important role in creating a synthesis of education, research, and reform initiatives.