Baku: Azerbaijan’s state budget has increased 50 times in the last 30 years, said Deputy Minister of Economy Sahib Alakbarov today at the scientific-practical conference on “Economic foundations of state sovereignty and economic independence” dedicated to the “Year of Constitution and Sovereignty” organized by the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship, APA-Economics reports.

According to Azeri-Press News Agency, the Deputy Minister highlighted that from 2004 to 2024, the Azerbaijani economy experienced a 3.8 times growth, while the non-oil sector saw a 3.7 times increase. In 2003, Azerbaijan faced a poverty rate of 44.7% and an unemployment rate of 9.2%. However, due to various measures implemented over the years, both poverty and unemployment rates have significantly reduced to 5.3% in 2024.