Azerbaijan has become the leader in growth rate by advancing 44 positions over five years in the Economic Complexity Index by the Center for International Development at Harvard University, known as the “Growth Lab.”
The Center for International Development at Harvard University, known as the “Growth Lab,” has released its latest report evaluating countries through the Economic Complexity Index (ECI). Azerbaijan has demonstrated the highest positive progress dynamic in the Index.
Based on the indicators from 2018 to 2023, Azerbaijan has advanced 44 positions over five years, ranking 95th in the Economic Complexity Index. This dynamic rise in the country’s ranking has been achieved through economic diversification, the establishment of new production sectors, improvements in the investment climate, an increase in both the volume and variety of non-oil and gas processing industry products, and notably, the efficient operation of industrial parks which has contributed to the expansion of export potential.
Analysts from the “Growth Lab” emphasize that investments in industrial parks are creating new opportunities for economic diversification. In this context, the Sumgayit Chemical Industrial Park stands out. The competitive non-oil products manufactured in the park are expanding the range of exports.
It should be noted that the Economic Complexity Index (ECI) measures the complexity of a country’s economy in terms of diversification, the creation of high value-added products, and the level of knowledge and skills required in production. The ECI is used to analyze global trade dynamics, forecast countries’ future economic growth potential, and develop economic development strategies.
