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Problems of transformation of oil wealth into the long-term development

Author

Listed:
  • Rustamov, Elman

    (Central Bank of Azerbaijan)

Abstract

In recent years, Azerbaijan's economy is showing record growth. During the decade (1999-2008) the physical volume of GDP increased by more than four times. Particularly successful was the period that began in 2005 - an average annual rate of economic growth in this segment amounted to 24%. As a result, by the end of the reporting period, the volume of GDP is more than twice the reference level recorded in the year of independence after the Soviet collapse, whereas the average for other CIS countries, this level was exceeded by only 29%.

Suggested Citation

  • Rustamov, Elman, 2009. "Problems of transformation of oil wealth into the long-term development," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 4, pages 144-170, August.
    • Handle: RePEc:rnp:ecopol:0947
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    Keywords

    economy; Azerbaijan; growth; GDP; oil;
    All these keywords.

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