Alternative Development Strategies for Azerbaijan Economy and Sectoral Analysis

7th Silk Road International Conference “Challenges and Opportunities of Sustainable Economic Development in Eurasian Countries," May 2012

5 Pages Posted: 4 Dec 2012

See all articles by Dr. Fuzuli Aliyev

Dr. Fuzuli Aliyev

Baku Engineering University

Elchin Suleymanov

Baku Engineering University - Department of Finance

Date Written: May 24, 2012

Abstract

The paper outlines aspects of economic growth after oil exports in Azerbaijan, and allocation of oil income to develop main sectors of economy: agriculture, tourism, power engineering, machine building industry, food industry and energy security. From oil contracts during 2008-2015 years the income is expected to be 35-42 billion USD. If one barrel of oil is 30 60 dollar till the last period of the project, exactly till 2029-2030 years, the total income amount taking from this area is expected to be in the amount of 120-140 billion USD. So there is great chance and obligation of developing non-oil sector. During this development main questions are how much of the oil income spend now and how much to keep for future generations; how and where to spend the oil income; how to control spending of oil money. Paper provides suggestions for those questions. In sectoral analysis, paper describes current situation in the above mentioned sectors of economy, lists problems in those sectors, and provide suggestions help making a decision about managing profits from oil industry to develop the other sectors and economy of the country as a whole.

Keywords: Oil income, direct investment, rural development, sectoral development

JEL Classification: O11, O13, O14, O18

Suggested Citation

Aliyev, Fuzuli and Suleymanov, Elchin, Alternative Development Strategies for Azerbaijan Economy and Sectoral Analysis (May 24, 2012). 7th Silk Road International Conference “Challenges and Opportunities of Sustainable Economic Development in Eurasian Countries," May 2012. Available at SSRN: https://ssrn.com/abstract=2184484 or http://dx.doi.org/10.2139/ssrn.2184484

Fuzuli Aliyev

Baku Engineering University ( email )

120 Hasan Aliyev str.
Khirdalan
Baku, Baku AZ0101
Azerbaijan
+994504651228 (Phone)

HOME PAGE: http://beu.edu.az/~faliyev

Elchin Suleymanov (Contact Author)

Baku Engineering University - Department of Finance ( email )

Baku Sumgait Road 16th km. Hasan Aliyev Str. 120
Baku, AZ0101
Azerbaijan

HOME PAGE: http://beu.edu.az/en/staff_directory/staff/elsuleymanov

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