The Analisis of Impact of the Global Financial Crisis on Development Azerbaijan Economy

Abstract

The global financial crisis influenced on the economy, due to the speedy integration of Azerbaijan to the world economical system since independence. Analysing the economy of Azerbaijan, we can see the relations between high level GDP growth and living standard level, fall of the inflation and unemployment rates as well as other related indicators with increase of oil prices and oil production. Aftermath of the global financial crisis, decline in oil prices has created some challenges for the Azerbaijan economy. The article analyzes the influence of the global financial crisis on Azerbaijani Economy on the both micro and macro levels, including oil and non-oil sectors, foreign trade, public debt, budget and investments.

Keywords: Azerbaijan economy, the global financial crisis, the oil and non-oil sector

JEL Classification: G21, B22, E51