The "Global Economic Prospects" (GEP) Report is important in terms of including Azerbaijan as an upper-middle income country in discussions about the global economy and taking into account the position of our country in future reports of the World Bank.
It was the presentation of the World Bank's "Global Economic Prospects" (GEP) Report.
Deputy Minister of Economy Sahib Mammadov pointed out at the event that Azerbaijan attaches importance to cooperation and consultations with international organizations, especially the World Bank, in forming conceptual views on socio-economic issues and achieving sustainable economic development goals. It was stated that the productive partnership of our country with the World Bank and the contribution of the projects implemented with the support of the Bank to the economic development should be specially noted. Sharing his views on the importance of the report, the deputy minister said, "The presentation of the report for the first time in Azerbaijan is a remarkable event. The report examines global economic developments and prospects, with a particular focus on emerging economies. The document has important practical significance from this point of view. The report is one of the important sources of information for economic management, business, investors, financial-banking sector," he mentioned.
Information was provided at the event on the work carried out within the framework of the 2022-2026 socio-economic development strategy and other state programs for the purpose of adequate approach to global challenges, faster diversification of the country's economy and provision of sustainable economic growth, restoration and reintegration of our liberated territories. It was emphasized that Azerbaijan has become a reliable energy supplier of Europe, an internationally important transport and transport-logistics hub, and the interest of strategic investors in the country has increased significantly.
The country manager of the World Bank for Azerbaijan, Sarah Michael, made a speech at the event about the importance of the "Global Economic Prospects" report published by the Bank twice a year against the background of the changes that have occurred in the global economy in recent years. It was pointed out that the economic reforms carried out in Azerbaijan are supported by many international financial institutions, including the World Bank. The representative of the World Bank noted the successes and achievements of the socio-economic policy implemented in our country and said that the Bank continues close cooperation with the government of Azerbaijan.
Franziska Ohnsorge, manager of the World Bank's "Global Economic Prospects" report, made a presentation on the topic "Short- and long-term growth prospects of the global economy: slowdown in growth and increasing risks" at the event.
The event continued with a panel discussion on "The impact of the global and regional economic slowdown on Azerbaijan" with the participation of representatives of the World Bank and relevant state institutions of our country.
Note: The Global Economic Prospects (GEP) Report is the World Bank Group's flagship report examining global economic events and prospects, with a particular focus on emerging markets and developing economies and after its publication, it is presented in the form of a "roadshow" in a number of leading cities of the world. It was decided by the Bank to include Baku among the cities where the June 2023 issue will be presented. The report is important in terms of including Azerbaijan as an upper-middle-income country in discussions about the global economy and taking into account the position of our country during the detailed analyzes that will be conducted in future reports of the World Bank. At the same time, GEP serves to strengthen the potential of the country's scientific-research circles, government institutions, think tanks, and mass media in order to create a wider opportunity for the Azerbaijani public to get acquainted with the researches of the World Bank.
