THE SECRET OF AZERBAIJAN’S ECONOMIC SUCCESS
The Messenger
Sept 2 2010
Georgia
Official circles in Azerbaijan are constantly highlighting the
fact of the country’s regional leadership. Azeri economic analyst
Parhad Omarov stated that in 2010 Azerbaijan’s economic success was
acknowledged the world over. The IMF also acknowledged the Azeri
central bank’s effective anti-crisis policy. As a result, in 2009
Azerbaijan achieved the largest economic growth in the world. The
Azeri Central Bank believes that the country will continue to be a
leader in economic growth in the south Caucasus region. Azerbaijani
is the richest country in the South Caucasus in terms of currency
reserves. But analysts think that Azerbaijan’s economic success is
mainly reliant on oil and gas and if the country did not have these
reserves their economy would be less developed than either Armenia’s
or Georgia’s. They conclude that Azerbaijan’s regional leadership in
the south Caucasus economy is based purely on the export of its oil
and gas.
From: A. Papazian