World Bank: Azerbaijan achieves significant results in reducing poverty

Today World Bank (WB) has presented its report that analyzes the improvement of living conditions in Azerbaijan. The document reflects the bank's activity on assessing the level of poverty in the country, and was prepared with the assistance of the Azerbaijani government.

"We intended to analyze the economic growth of Azerbaijan and to identify how this was reflected in the improvement of the country's living standards," WB Baku office head Gregory Jedzejczak said.

He said the report has been submitted to the government.

"The main goal that we pursued was the proper planning of the future of the country's economy," he said. "The result showed that there is a need to direct the proceeds from the oil sector to diversification of the economy and start investing in human capital development."

According to him, human capital development in the country implies an increase in the proportion of highly qualified people, which requires investment in education.

WB chief economist Lire Ersado said that in 2001-2008 the country experienced a significant decline in poverty - roughly, from 50 to 13%.

"In 2006, Azerbaijan launched a program of targeted social assistance, which showed very good results, even compared to developed countries," Ersado added.

According to him, about 2.5 million people in the country moved from poverty into the category of the population with average incomes, which is a very serious and a good result.


/Trend/