Azerbaijan improves its position in Forbes ranking

“Nagorno Karabakh conflict hinders economic development”.

Forbes has published the annual ranking of the best countries for business. Azerbaijan rose 7 points settling at the 60th place among 146 countries as compared to the previous year.

According to Oxu.Az, the magazine notes that high rates of Azerbaijan’s economic development along with the growth in oil and gas export are also associated with the twofold growth in construction, banking sectors and real estate.

“Oil export via the Baku-Tbilisi-Ceyhan, Baku-Novorossiysk and Baku-Supsa pipelines is considered the main economic factor and the works on raising oil export continue. Upon completion of the works over the South gas corridor between Azerbaijan and Europe which is of great geopolitical importance, the sources of oil export revenues will grow”, the edition says.

Forbes viewed Nagorno Karabakh conflict as a factor hindering the economic development of Azerbaijan.

The magazine says that Azerbaijan has seen a decline in its trade with the former USSR and Russia, while developing these ties with Turkey and European countries.

Denmark is leading on the list and is followed by Hong Kong and New Zealand. (News.Az)