Azerbaijan, 2019–2023—Promoting Diversified and Inclusive Growth
Asian Development Bank | May 2019
Abstract
Azerbaijan rose to upper middle-income country (UMIC) status in 2009 and is a major economic and energy power in the South Caucasus. It is strategically located on a transcontinental crossroad that connects large markets to the country’s north, south, and west. An oil price shock in 2014 led to sharp currency devaluation, a finance sector crunch, erosion of fiscal space, and a surge of public debt. It also revealed economic vulnerabilities, institutional inefficiencies, and the urgent need to accelerate economic diversification. Three factors bind the achievement of higher inclusive and sustainable growth in Azerbaijan: (i) low economic diversification because of a weak enabling environment for non-oil private sector development and inefficient finance sector; (ii) public sector inefficiency because of issues with fiscal policy, public financial management, and the public corporate sector; and (iii) inadequate infrastructure and human capital for a diversified and more competitive economy.
Citation
Asian Development Bank. 2019. Azerbaijan, 2019–2023—Promoting Diversified and Inclusive Growth. © Asian Development Bank. http://hdl.handle.net/11540/10416.Keywords
Tourism Development
Development Strategies
Economic Trends
Economic Impact
Economic Incentives
Development Planning
Development Research
Technology Development
Aid And Development
Asian Development Bank
Comprehensive Development Framework
Development Cooperation
Development Management
Development Planning
Development Strategies
Development Research
Green revolution
Employment
Development strategy
Development models
Economic development
New technology
Rural planning
Aid coordination
Industrial projects
Infrastructure projects
Natural resources policy
Educational development
Absorptive capacity
Tourism policy
Development strategy
Green jobs
Green technology
Rural planning
Regional development bank
Project finance
Strategic planning
Infrastructure projects
Government programs
Public finance
Public enterprises
Development
Economics
Development In East Asia
Development Planning
Development Research
Technology Development
Aid And Development
Asian Development Bank
Comprehensive Development Framework
Development Cooperation
Development Management
Development Planning
Development Strategies
Development strategy
Development models
Economic development
New technology
Rural planning
Aid coordination
Industrial projects
Infrastructure projects
Natural resources policy
Educational development
Absorptive capacity
Economic development projects
Economic forecasting
Economic development projects
Municipal government
Technology transfer
Exchanges of patents and technical information
Technical education
Technology
Communication in rural development
Communication in community development
Economic development projects
Development banks
Economic forecasting
Environmental auditing
Cumulative effects assessment
Human rights and globalization
Transfer Technocracy
Real estate development
Central planning
City planning
Civic improvement
Urban renewal
Urban beautification
Urban transportation
Zoning
Hotels
Industry
Land Acquisition
Labor and globalization
Manpower policy
Labor policy
Rural manpower policy
Career academies
Professional education
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