Azerbaijan - Country Economic Memorandum : A New Silk Road - Export-led Diversification

Azerbaijan's oil and gas boom presents a rare opportunity to accelerate improvements in the quality of life of all its citizens. Its per capita income is $5,100 in 2008, up nearly 400 percent from 2004 in current USD terms; it could potentially exceed $6,500 by 2013 and higher beyond that. Consequently, poverty is likely to continue to fall, especially in the rural areas, and the entire population of nearly nine million can expect to benefit significantly from expanded access to better quality education and health services as well as more targeted social assistance. Most of this income growth is expected to come from non-oil output and exports, especially agriculture and light manufacturing, though high levels of oil revenues and public spending will continue to stimulate significant growth of construction and various services sectors. Fiscal revenues from oil and gas are expected to be $198 billion in net present value terms through 2024 (based on the oil production profile of June 2008). This report outlines changes in policies and institutions that will be needed to realize this vision.

Bibliographic Details

Main Author:	World Bank
Format:	Country Economic Memorandum biblioteca
Language:	English
Published:	World Bank 2009-12-23
Subjects:	ACCOUNTING, AGGREGATE DEMAND, AGRICULTURAL PRODUCTION, AIR CONDITIONERS, ALLOCATION, ANNUAL RATE, BANK FINANCING, BANKING SECTOR, BANKING SECTORS, BOND, BUDGET MANAGEMENT, BUDGETARY FRAMEWORK, BUDGETING, BUSINESS REGULATIONS, CAPITAL INVESTMENT, CENTRAL BANK, COMMERCIAL BANK, COMMERCIAL BANKS, COMPARATIVE ADVANTAGE, COUNTRY PROCUREMENT, COUNTRY PROCUREMENT ASSESSMENT, CREDIT ACCESS, CREDIT POLICY, CROWDING OUT, DEVALUATION, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DISCOUNT RATE, DOMESTIC CURRENCY, DOMESTIC DEMAND, DOMESTIC MARKETS, ECONOMIC ACTIVITY, ECONOMIC CLASSIFICATION, ECONOMIC DEVELOPMENT, ECONOMIC DEVELOPMENTS, ECONOMIC GROWTH, EDUCATION POLICY, EDUCATION SYSTEM, ENERGY EFFICIENCY, ENVIRONMENTAL, EQUITY FINANCING, EQUITY MARKETS, EXCHANGE RATE, EXCHANGE RATES, EXPENDITURE, EXPENDITURE PLANS, EXPORTERS, FIDUCIARY ASSESSMENT, FINANCE MINISTRY, FINANCIAL ACCOUNTABILITY, FINANCIAL INFRASTRUCTURE, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIATION, FINANCIAL MANAGEMENT, FINANCIAL SECTOR, FINANCIAL SUSTAINABILITY, FISCAL ADJUSTMENT, FISCAL BALANCE, FISCAL POLICY, FISCAL SCENARIOS, FISCAL SUSTAINABILITY, FOREIGN CAPITAL, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN INFLOWS, FOREIGN INVESTMENT, FOREIGN INVESTORS, FOREIGN LOANS, FOREIGN TRADE, GLOBAL DEVELOPMENT FINANCE, GLOBAL ECONOMY, GOVERNMENT EXPENDITURE, GOVERNMENT EXPENDITURES, GOVERNMENT REVENUE, GOVERNMENT SPENDING, GROSS DOMESTIC PRODUCT, GROWTH MODEL, GROWTH RATE, HEALTH SERVICES, HUMAN CAPITAL, IMPLICIT SUBSIDIES, INCOME GROWTH, INCOME TAX, INFLATION, INFLATIONARY PRESSURES, INFRASTRUCTURE DEVELOPMENT, INFRASTRUCTURE INVESTMENTS, INFRASTRUCTURE PROJECTS, INITIAL PUBLIC OFFERING, INSTRUMENT, INTEREST RATES, INTERNATIONAL BANK, INTERNATIONAL BORROWING, INTERNATIONAL FINANCE, INTERNATIONAL INVESTOR, INTERNATIONAL STANDARD, INTERNATIONAL STANDARDS, INVESTING, INVESTMENT EXPENDITURES, INVESTMENT PROJECTS, IPO, ISSUANCE, LABOR FORCE, LABOR MARKET, LEGAL FRAMEWORK, LIQUIDITY, MACROECONOMIC ENVIRONMENT, MACROECONOMIC MANAGEMENT, MACROECONOMIC POLICIES, MACROECONOMIC POLICY, MACROECONOMIC STABILITY, MACROECONOMIC VOLATILITY, MARKET DEVELOPMENTS, MARKET ECONOMY, MARKET PRACTICES, MARKET STRUCTURE, MEDIUM-TERM EXPENDITURE, MEDIUM-TERM EXPENDITURE FRAMEWORK, MINES, MINISTRY OF FINANCE, MONETARY FUND, MONETARY POLICY, NATURAL RESOURCES, NET PRESENT VALUE, NON PERFORMING LOANS, NPL, OIL, OIL BOOM, OIL PRICE, OIL PRICES, OIL RESOURCES, OIL SECTOR, OPEC, PENSION, PENSIONS, PERFORMANCE EVALUATION, PERFORMANCE INDICATOR, PERPETUITY, PERSONAL INCOME, PERSONAL INCOME TAX, POLICY DECISIONS, POLICY MAKERS, POVERTY ASSESSMENT, POVERTY REDUCTION, POVERTY REDUCTION STRATEGY, POVERTY REDUCTION SUPPORT, PRESENT VALUE, PRIVATE INVESTMENT, PRIVATE INVESTMENTS, PRIVATE SECTOR, PRIVATE SECTOR GROWTH, PRODUCTIVITY GROWTH, PROVEN OIL RESERVES, PROVEN RESERVES, PUBLIC ADMINISTRATION, PUBLIC AGENCIES, PUBLIC EDUCATION, PUBLIC EXPENDITURE, PUBLIC EXPENDITURE REVIEW, PUBLIC EXPENDITURES, PUBLIC FINANCE, PUBLIC FINANCES, PUBLIC INVESTMENT, PUBLIC INVESTMENT PROGRAM, PUBLIC INVESTMENTS, PUBLIC MANAGEMENT, PUBLIC SECTOR, PUBLIC SECTOR EMPLOYEES, PUBLIC SECTOR SPECIALIST, PUBLIC SERVICES, PUBLIC SPENDING, PUBLIC UTILITIES, PURCHASING POWER, QUALITY CONTROL, QUALITY OF LIFE, REAL EXCHANGE RATE, REAL INTEREST, REAL WAGES, REFORM EFFORTS, REGULATORY FRAMEWORK, REGULATORY REFORM, REMITTANCES, RETURNS, ROAD FUND, ROAD TRANSPORT, SECURITIES, SERVICE QUALITY, SOCIAL ASSISTANCE, SOCIAL POLICIES, SOCIAL PROTECTION, SOCIAL SECURITY, STATE BANK, STRUCTURAL ADJUSTMENT, STRUCTURAL REFORM, STRUCTURAL REFORMS, TAX BURDEN, TAX RATES, TAX REGIME, TAX REVENUE, TELECOMMUNICATIONS, TRADE BALANCES, TRADE REGIME, TRADING, TRANSACTIONS COSTS, TRANSPARENCY, TREASURY, UNCERTAINTY, WAGES,
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20100107230943 http://hdl.handle.net/10986/3154
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