'Azerbaijan's socio-economic indices are satisfactory'

Azerbaijan's socio-economic indices in 2011 can be considered satisfactory compared to other countries' indices, a member of the parliamentary committee on economic policy Ali Masimli said.

A meeting of the Cabinet of Ministers chaired by President Aliyev was held on Jan. 16.
It was dedicated to the socio-economic development in 2011 and the challenges for 2012.
All social and economic objectives were successfully fulfilled in 2011, the president said.

Masimli said that the second wave of the global economic crisis began in 2008. It continues in several world countries. It has a devastating impact on the real, financial, social sectors of these countries.

"Azerbaijan overcame the crisis of 2008 with minimal losses and demonstrated a 9-percent GDP growth amid the reduction in global economy," he said. "In 2010 the economy increased by five percent. The growth slowed to 0.1 percent in 2011. If we pay attention to this trend, Azerbaijan's figures can be considered satisfactory compared to international ones."

However, the positive factor is the increase in the non-oil sector by 9.4 percent in 2011. Masimli said that much was done in the infrastructure sector in 2011. He appreciated the development of social infrastructure, the implementation of short-term projects in this area.
About $17.6 billion was invested in the country's economy in 2010. About $ 20 billion was invested for the first time last year. This indicates the confidence of foreign investors in Azerbaijan. They continue to invest in the country.

"The measures were taken to reduce unemployment, while unemployment remains a serious problem in the regions of the country," he said. About 94,000 new jobs were created in 2011, 73,000 of them - are constant. More than one million new jobs have been opened since 2003 up to now. In 2011, the unemployment rate in Azerbaijan reduced to 5.4 percent.


/Trend/