Baku: Azerbaijan’s economy is positioned to potentially double its GDP, reaching $150 billion by 2035, according to a report from the international consulting company OliverWyman Group, as reported by APA. The report outlines that this growth is not speculative but rather a structured transformation rooted in the nation’s existing strengths, including abundant natural resources and a strategic geographic position.
According to Azeri-Press News Agency, the analysis emphasizes the need for Azerbaijan to transition from a predominantly commodity-based economic model to one that is more service-oriented, focusing on downstream products like advanced petrochemicals. This shift is expected to create a more dynamic and diversified economic framework.
The report identifies four strategic directions that are critical for this transformation: downstream petrochemicals, energy trading services, logistics development, and experience-based tourism. These sectors are projected to form a cohesive and scalable economic model, fostering long-term growth, profitability, and competitiveness.
Azerbaijan’s strategic location is seen as a key advantage, potentially allowing it to become a regional hub for energy and logistics. This would enable the country to capture financial and service value currently generated abroad, enhancing diversification while leveraging existing strengths.
Tourism is pinpointed as a significant sector for growth. In 2024, Azerbaijan welcomed 2.6 million international visitors, generating approximately $2 billion in revenue. However, this is considered below the country’s potential. With strategic investments, Azerbaijan could attract 10 to 12 million visitors annually by 2035.
Analysts conclude that Azerbaijan has the potential to transition from a resource-based economy to one driven by knowledge and experience. This repositioning would not only redefine Azerbaijan as a producer of resources but also as a regional ‘market maker,’ generating ideas, services, financial flows, and economic value.