Mikayil Jabbarov: "Investment activity is expected to increase in Azerbaijan in 2022"

"The investment activity in Azerbaijan is expected to increase in 2022 compared to the current year," Economy Minister Mikayil Jabbarov said during the discussions of the documents included in next year's state budget envelope in the parliamentary committee for economic policy, industry and entrepreneurship.

This gives reason to predict that the real growth rate of investment in fixed assets next year will reach 3.6% compared to 2021, he said: “In view of the implementation of large-scale social programs, as well as continued transparency in the labor market, the monthly salary in the country is projected to reach 807 manats in 2022.

If the Economy Ministry's inflation forecast for 2022 is to stand at 4%, the real growth rate of the average monthly salary is projected at 4.5%. The latest forecasts of international organizations on the stabilization of prices at world food markets were also taken into account when preparing the inflation forecast. The implementation of the new strategy will lead to major changes in the country's economy. The next five years will be a historic period in terms of the restoration of the liberated territories and their integration into the country's economy.

Although the initial draft budget for 2022 envisages a drop in the state investment compared to 2020, at the personal initiative of the president, the current draft budget is increased by 850 million manats and brought closer to the level of 2021, the minister added.

"This, of course, will make a positive contribution to increasing the investment plan and the growth rate of the country's economy. The recent increase in export opportunities in the non-oil sector is one of the indicators of economic diversification," Mikayil Jabbarov said.