In the near future, per capita income in Azerbaijan may reach $20,000 a year.
Senior Economist of the World Bank (WB) Rashmi Shankar made this statement at the international conference on 'Middle Class in Azerbaijan: social, economic, political dynamics and prospects' in Baku on Wednesday.
"Azerbaijan has created a model of economic development, meaning that in the foreseeable future, per capita income of the country may reach $20,000" Shankar said.
She said Azerbaijan has all the right conditions to reach this figure.
"Much attention is paid to the private sector in Azerbaijan, particularly small and medium-sized entrepreneurs and creating new jobs mainly in the non-oil sector of the economy," Shankar said.
She said Azerbaijan should continue to focus on economic diversification for growth of the population's income.
"The middle class is a driving force which serves development in the social sphere, as well as economic and political stability. The middle class should be actively involved in the economy," Shankar said.
The conference is being organised by the Centre for Strategic Studies (CSS) under the President of Azerbaijan and the World Bank.