By Fariz Ismailzade
March 11th, 2016, The CACI Analyst
After a decade of transformational economic growth, reduced oil prices forced Azerbaijan to a double devaluation of its national currency, significant reduction of public spending, slowdown of GDP, and most importantly, panic in the domestic market among both the general population and the business community. The government responded with several anti-crisis programs and measures, aimed at stimulating national economy, supporting local production and easing the business climate for the local entrepreneurs. President Ilham Aliyev has called 2016 “a year of deep economic reforms.” It remains to be seen whether the country will be able to shift gears and transform its economy to achieve sustainable growth from non-oil sectors.
- Azerbaijan
- Ilham Aliyev
- Soviet Union
- South Caucasus
- Baku Tbilisi Ceyhan oil pipeline
- Azerbaijani manat
- ASAN service
- Baku International Port
- Baku Tbilisi Kars railway
- Sumgait industrial zone
- Central Asia
- Shah Deniz II gas field
- TANAP pipeline
- CIS
- Economic competitiveness
- Azerbaijan energy infrastructure
- Azerbaijan foreign direct investments