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    The Economy of Azerbaijan in 2017 -Brief Overview

    Mukhtarov, Elmir | January 2018
    Abstract
    The year 2017 posed severe challenges for the economy of Azerbaijan, as it experienced a 3.1% decline in 2016, its first negative GDP growth since 1995. According to initial estimations of EBRD, the economy was expected to experience another negative GDP growth equal to 0.5% in 2017. However, The State Committee of Azerbaijan Republic has announced 0.1 % positive growth in GDP in 2017. The recessionary environment coupled with the continuing fall in oil prices in early 2017 made matters look grim for the country, whose economy is massively dependent on the oil sector. Inflation, according to the State Statistical Committee, is still as high as 12.9%. In the meantime, growth in wages is lagging far behind the inflation rate, which decreases the purchasing power of the population. The trend of declining state budget expenditures stopped this year, with a new amendment in July, after oil prices surged. According to the Ministry of Finance, the deficit of the executed state budget has reached 1,141 million manat or, in terms of dollars, 671.4 million US dollars. As a result, high government spending continues to be a potential obstacle that can hinder the development of the private sector.
    Citation
    Mukhtarov, Elmir. 2018. The Economy of Azerbaijan in 2017 -Brief Overview. © Center for Economic and Social Development. http://hdl.handle.net/11540/7945.
    Keywords
    Social condition
    Economic dependence
    Economic assistance
    International monetary relations
    International monetary relations
    International trade
    National accounting
    Market
    Project impact
    Development projects
    Program management
    Performance appraisal
    Project appraisal
    Technology assessment
    Macroeconomic
    Macroeconomic Analysis
    Macroeconomic Framework
    Macroeconomic Models
    Macroeconomic Performance
    Macroeconomic Planning
    Macroeconomic Policies
    Macroeconomic Reform
    Macroeconomic Stabilization
    Results-Based Monitoring And Evaluation
    Project Evaluation & Review Technique
    Project Evaluation
    Program Evaluation
    Performance Evaluation
    Operations Evaluation
    Evaluation Methods
    Evaluation
    Exchange
    Comparative economics
    Index number
    Monetary policy
    Value analysis
    Adjustment cost
    Transaction cost
    Conditionality
    International relations
    Cumulative effects assessment
    Grievance procedures
    Participatory monitoring and evaluation
    Exchange rate
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    Citable URI
    http://hdl.handle.net/11540/7945
    Metadata
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    CESD_Research_Paper_Azerbaijan_Economy_2017.pdf (788.6Kb)
    Author
    Mukhtarov, Elmir
    Theme
    Economics
    Evaluation
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise