On September 26, Azerbaijani President Ilham Aliyev addressed a meeting on economic issues, emphasizing that the country's economic development has met expectations since the beginning of the year. 

The President noted that Azerbaijan's economic growth rate stands at 4.3 percent. "Analyzing the current global processes and the overall geopolitical situation, I can say that this is a very positive indicator. The economic growth rates surpass those of many developed countries," stated President Aliyev, highlighting the importance of further diversifying the economy and enhancing a sustainable development model.

Regarding inflation, President Aliyev mentioned that it has been just over 1 percent since the start of the year, which he described as a very positive indicator. He also announced plans to increase the minimum wage and minimum pension next year, despite the low inflation rate and the significant financial resources required for tasks ahead, particularly in the development of the military and military-industrial complex, as well as the restoration of Karabakh and East Zangazur. "Nevertheless, we are doing our utmost to improve the welfare of our citizens, who are considered vulnerable," he added.

In his address, President Aliyev also noted that Azerbaijan ranks among the world's leading countries in terms of the foreign debt ratio to gross domestic product (GDP). "It accounts for only 7.5 percent, which allows us to spend less money on the repayment of foreign debt in the future," he stated.

The President acknowledged that the declining oil production in recent years, within the framework of projects implemented by foreign oil companies, has negatively impacted Azerbaijan's overall economic development rates. However, he noted that the development of the non-oil sector has compensated for this decline. "As a result of negotiations with foreign oil companies, the drawbacks in oil production were brought to their attention, and we demanded that they eliminate these drawbacks and ensure the stability of oil production. Very hard work has been done in this direction in the last few months. As a result, reasonable hopes have arisen that there will be no further unfounded declines in oil production," President Aliyev concluded.