BAKU, Azerbaijan, May 30. Azerbaijan has taken the lead globally in the pace of growth on the Economic Complexity Index (ECI), climbing 44 positions in just five years, Trend reports, citing a new report by the Growth Lab at Harvard University's Center for International Development.
The report highlights that Azerbaijan demonstrated the most significant positive advancement on the ECI between 2018 and 2023, moving up 44 spots to rank 95th. This leap is attributed to the country's economic diversification, the establishment of new production sectors, an improved investment climate, increased volume and variety of non-oil and gas industrial products, and the effective operation of industrial parks, which have enhanced the nation’s export capacity.
Analysts at the Growth Lab emphasize that investments in industrial parks are creating new opportunities for economic diversification. The Sumgayit Chemical Industrial Park is cited as a prominent example, where the production of competitive non-oil products is helping to expand Azerbaijan’s export portfolio.
The Economic Complexity Index (ECI) measures the diversity and complexity of a country's economy based on the knowledge intensity required to produce various products. It is used to analyze global trade trends, forecast future economic growth potential, and guide development strategies.
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