“The economy of Azerbaijan is at a critical inflection point. With a combination of abundant natural resources, a strategic geographic position, and a rich cultural heritage, the nation has the potential to double its gross domestic product (GDP) in the next decade. The path to a $150 billion economy by 2035 is neither speculative nor dependent on luck — it is a deliberate and structured transformation grounded in Azerbaijan’s existing strengths,” the international consulting company OliverWyman Group said in a report, APA reports.
According to the analysis, Azerbaijan’s economic environment is ripe for growth, but it requires a shift away from a predominantly commodity-based model toward one based more on services and downstream products such as advanced petrochemicals. This transition would enable the country to build a more dynamic and diversified economic model.
The report also highlights that by adopting targeted strategies, Azerbaijan can aim for higher-income status and approach economies such as Czechia, Portugal and Hungary, where GDP per capita ranges between $23,000 and $32,000.
The four strategic directions identified for this transformation include downstream petrochemicals, energy trading services, logistics development, and experience-based tourism. These areas together form a coherent and scalable economic model that enhances long-term growth, profitability, and competitiveness.
Azerbaijan’s geographic position enables it to become a regional energy and logistics hub, allowing the country to capture financial and service value that is currently generated abroad. This strengthens diversification while building on existing competitive advantages.
Tourism is also highlighted as a key sector. Azerbaijan received 2.6 million international visitors in 2024, generating approximately $2 billion in revenue, though this remains below its full potential. With targeted investments, the country could attract 10 to 12 million visitors annually by 2035.
Analysts conclude that overall, Azerbaijan can transition from a resource-based economy to a knowledge- and experience-driven model, repositioning itself not only as a producer of resources but as a regional “market maker” generating ideas, services, financial flows, and economic value.
