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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