The Current State of the Azerbaijani Economy and Future Prospects

Gubad Ibadoghlu

EconStor Preprints from ZBW - Leibniz Information Centre for Economics

Abstract: Azerbaijan's economy is at a critical juncture, with the decreasing reliance on resource-based income signaling an imminent transition. The nation's strategic focus on economic diversification offers substantial prospects for growth in non-oil sectors. However, the pressing question remains: Is Azerbaijan sufficiently prepared for the post-oil era? This paper aims to rigorously assess the key performance indicators outlined in the nation's state programs and strategic roadmaps, particularly in the context of diversifying the economy. By providing an in-depth analysis of both retrospective and prospective GDP growth, this study highlights the challenges and opportunities Azerbaijan faces in cultivating a more diverse and resilient economic landscape. The findings suggest that while there are significant hurdles to overcome, there is considerable potential for the country to transition towards a more sustainable, diversified economy that is less dependent on oil revenues. This evaluation not only underscores the necessity for continued reforms but also identifies key areas where strategic investments and policy shifts could yield long-term benefits for Azerbaijan's economic future.

Keywords: Azerbaijan; national economy; GDP growth; COP29; fossil fuel; post-oil era; diversification; non-oil and gas exports; Strategic Roadmaps; State Programs (search for similar items in EconPapers)
Date: 2024
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