Baku: Azerbaijan's sustainable economic growth will depend on the non-oil sector, Rolande Pryce, the World Bank Regional Director for the South Caucasus, said at the presentation ceremony of the "Azerbaijan Country Economic Memorandum - Spring 2026" report held in Baku.

According to Azeri-Press News Agency, Pryce emphasized that over the past decade, Azerbaijan has maintained economic stability and demonstrated strong resilience despite numerous external shocks. This resilience is attributed to strong macroeconomic management, solid fiscal capacity, and effective public policies. However, she noted that the country's economy is entering a new phase as hydrocarbon production gradually declines.

The World Bank's assessment indicates that economic growth in Azerbaijan slowed to 1.4% in 2025, primarily due to a decline in oil production and a slowdown in the growth rate of the non-oil sector. Pryce highlighted that developing the non-oil sector will be crucial for sustainable economic growth and the creation of quality jobs in Azerbaijan.

The regional director also mentioned that the main purpose of the presented report is to provide policy recommendations on how Azerbaijan can accelerate economic diversification and establish new sources of sustainable economic growth. A special focus of the report is on tourism, analyzing how the sector can contribute to accelerating economic growth and diversifying the economy.