BAKU, Azerbaijan, October 2. The Middle
Corridor's success will depend on the extent to which businesses
perceive it as competitive, reliable, predictable, and worthy of
investment, the World Bank’s Regional Director for the South
Caucasus, Rolande Pryce, said at the CAMCA 2026 Regional Forum in
Baku, Trend's
correspondent reports from the event.
“The success of this corridor will depend on whether businesses
perceive it as competitive, reliable, predictable, and worthy of
investment, and, most importantly, whether people and economies can
fully reap the economic benefits and value it provides,” she
said.
Pryce noted that practical cooperation within the framework of
the Middle Corridor could contribute to the economic development of
countries in the region.
She also touched on the macroeconomic situation and fiscal
policy in Azerbaijan. “A very stable economic situation,
significant financial buffers, low public debt, and prudent fiscal
and monetary policies,” Pryce said.
According to her, economic growth in Azerbaijan remains very
low. "This reflects a reduction in government capital spending and,
consequently, weak growth in the non-oil sector, as well as a
decline in hydrocarbon production. Hydrocarbons play a dominant
role in Azerbaijan’s economy. GDP growth this year stands at 1.2%.
Without reforms that improve the business environment, enhance
competition, and promote broader private-sector participation,
medium-term growth is expected to remain below 2%,“ Pryce said.
The regional director added that one of the challenges is to
transform strong macroeconomic buffers into new sources of
investment, diversification, and productivity growth.
