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- W3168409991 abstract "Obtaining independence on November 18, 1991, the Republic of Azerbaijan entered a long lasting transition period with different stages, which lasted till 2010. During this period, the economic development of the country experienced several cycles: firstly, the recession (19921995) recovery (1996-1997), boom (1998-2008) and final slump (starting 2009). Nevertheless, despite all the above-mentioned, the average growth rate of the economy of Azerbaijan during the 20 years since the country restored its independence has been characterised with positive results particularly due to the rapid growth in the second decade. In 2008, the GDP production in Azerbaijan was twice more than that of 1990. According to the results of 2010, Azerbaijan was ranked the 72th country of the world for of the GDP with a national income of USD 54.37bln2. Analysis and assessment of the lost opportunities and lessons learnt over the last 20 years indicate that the efficiency of resource utilization in replacing quantity indicators by quality indicators was not adequately efficient. Thus, the rupture of traditional economic relations at the beginning of 90s, e.g. after the collapse of the Soviet Union on the one hand and the war with Armenia and the occupation of Nagorno-Karabakh and adjacent regions to it by Armenia on the other hand might be considered as decisive objective factors causing decline or regress of the economy in the initial years of independence. Nevertheless, alongside with this, the delay of economic transformation reforms due to various reasons, including the pending liberalization of prices and de-nationalization measures in comparison to other post-soviet countries prolonged the period of transformation of Azerbaijan’s economy from regress to revival. For this reason, the first decade of independence is memorized as the exit from the crisis with reform initiatives to ensure transition from one economic system into another. Afterwards, starting from the middle of the second decade of independence, increasing oil revenues caused a delay in existing reform initiatives by setting at rest the government, which slowed down the liberalization efforts and set back the course of establishing institutions envisaged for ensuring the sustainability of the economic growth. In parallel, during the period of re-obtaining its independence, Azerbaijan became a member of authoritative financial and political organizations such as World Bank, International Monetary Fund, European Bank for Reconstruction and Development, Islamic Development Bank, World Customs Committee. It also joined the European Neighbourhood Policy and the Eastern Partnership Program" @default.
- W3168409991 created "2021-06-22" @default.
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- W3168409991 date "2012-01-01" @default.
- W3168409991 modified "2023-09-27" @default.
- W3168409991 title "Azerbaijanns Economic Model and Its Development Since Independence" @default.
- W3168409991 doi "https://doi.org/10.2139/ssrn.3110219" @default.
- W3168409991 hasPublicationYear "2012" @default.
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