Macroeconomic Analysis and Graphical Interpretation of Azerbaijan Economy in 1991-2012

Expert Journal of Economics, Volume 3, Issue 1, pp . 40-49, 2015

10 Pages Posted: 17 Apr 2015

See all articles by Khatai Aliyev

Khatai Aliyev

Qafqaz University

Elchin Suleymanov

Baku Engineering University - Department of Finance

Date Written: April 15, 2015

Abstract

The aim of this research is to analyze macroeconomic performance and discuss transition indicators in Azerbaijan economy for 1991-2012. After regaining independence in 1991, Azerbaijan implemented economic transition process toward market economy. In the first years of independence, serious economic recession was observed. However, after 1995, the restructuring of the economy started. In this sense, signing the “Contract of the Century” was a turning point toward oil based high speed economic growth or oil boom period. Thus, by opening “Baku-TbilisiCeyhan” pipeline in 2005, Azerbaijan’s macroeconomic indicators experienced considerable growth for the following years. On the other hand, Azerbaijan officially declared the end of economic transition process in its economy in 2009. In this paper, the authors discuss the political-economic and economic process in the whole period as well as analyze the macroeconomic performance with and without oil & gas contribution. In addition, the authors question what would happen if economic transition period ended in Azerbaijan’s economy. It is concluded that oil & gas production has a serious impact over macroeconomic indicators and transition indicators, and for Azerbaijan it implies only a partly end of economic transition, though not completely.

Keywords: Azerbaycan Economy

JEL Classification: O11

Suggested Citation

Aliyev, Khatai and Suleymanov, Elchin, Macroeconomic Analysis and Graphical Interpretation of Azerbaijan Economy in 1991-2012 (April 15, 2015). Expert Journal of Economics, Volume 3, Issue 1, pp . 40-49, 2015. Available at SSRN: https://ssrn.com/abstract=2594877

Khatai Aliyev

Qafqaz University ( email )

Hasan Aliyev str. 120
Baku, Baku 0101
Azerbaijan

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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