Baku: In 2023, the share of micro, small, and medium-sized enterprises (MSMEs) in Azerbaijan’s gross domestic product (GDP) amounted to 18 percent, APA-Economics reports citing the report of the Asian Development Bank (ADB).

According to Azeri-Press News Agency, in the South Caucasus and Central Asia region, the contribution of SMEs to the economy averaged 41.9 percent in 2023 and is projected to reach 46 percent in 2024. ADB’s analysis highlights that Azerbaijan demonstrated one of the highest growth rates in the South Caucasus this year, with a 17 percent increase in SME production. This growth is attributed to the country’s economic diversification policy and measures to support entrepreneurship.

ADB stated that during the years 2020-2024, the share of SMEs in the national economy has consistently increased in the countries of the South Caucasus and Central Asia, including Azerbaijan. This growth is explained by the policies of the regional countries aimed at developing the private sector, improving access to finance, and stimulating entrepreneurship.