Ozarbayjonning ijtimoiy iqtisody rivojlanishi va muammolari Kirish. Umumiy ma’lumotlar

Years of Independence[edit]

Since the country's independence in 1991, the Republic of Azerbaijan has embarked on an independent policy in the field of economy. After the dissolution of the Soviet Union, Azerbaijan's economy had been severely damaged. The poverty rate had reached 49% in 2001. Later Azerbaijan's gross national income (GNI) amounted to $7,350 (2013) per capita, GDP per capita to $7,912.5 (2013), and a poverty rate decreased to 5% in 2013.

The exploitation of hydrocarbon resources has played a pivotal role in the economic development of Azerbaijan. The number of agreements with foreign companies and foreign investments had also contributed to the state's economy. Transition to market economy by adopting relevant reforms had also been one of the main objectives of the economic policy.

The first period of the economical development of Azerbaijan (from 1991-1995) can be described as the period of economic recession. The period after 1996 can be portrayed as the period of dynamic economic development.

Azerbaijan had broad-based economic foundations, which had been developing in different directions before 1991. Independence led to economic decline in Azerbaijan. Many factors caused GDP shrinking until 1996. The situation with Armenia aggravated the economic downturn.

In 1994, one of the important oil contracts was signed between Azerbaijan and 13 major oil companies, representing 8 countries of the world. This agreement went down in history as "the Contract of Century".

In the same year, the Presidents of the United States, Turkey, Azerbaijan, Georgia, Kazakhstan and Turkmenistan signed inter-State agreement on the construction of oil export pipeline Baku-Tbilisi-Ceyhan.

A contract was signed in Baku between BP, Statoil, LUKAgip, Elf Aquitaine (France) (now TOTAL), OIEC (Iran) (now NICO), TPAO and SOCAR on the promising structure of Shah Deniz gas condensate field in 1996.

In 1999, the Baku-Supsa oil pipeline was put into operation. The pipeline was built as part of the contract for the development of the Azeri-Chirag-Gunashli fields.Oil-gas sector contributed to the flourishing of other fields of economy. New reforms and measures were taken to reach macroeconomic and financial stability. During those years, Azerbaijan had joined different international institutions (IMF, World Bank, EBRD, Islam Development Bank, Asian Development Bank). The poverty rate had been decreased from 68% in 1995 to 29% in 2005 due to the economic growth.

In 2005, the government decided to revalue the manat at the rate of 5,000 to 1 new manat (AZN). ^[3] In 2005–2010 years average annual growth rates of "oil" GDP more than 3.5 times higher than the increase in "non-oil" GDP. The share of the oil sector in the country's GDP for this period rose from 39 to 60%. Bank loans and incentive measures of the government contributed to the rapid growth of non-oil industries. Significant growth in the construction industry and service sector led to the fact that in 2010, the non-oil sector of Azerbaijan's economy overtook the oil industry in terms of growth rates.

3 five-year programs related to the socio-economic development of the Republic of Azerbaijan were implemented during 2004-2013. These programs were aimed at economic diversification. "State Programs for Social and Economic Development for 2014-2018", "State Programs on Poverty Reduction and Sustainable Development in the Republic of Azerbaijan for 2008-2015", "State Programs for reliable food supply of the population of the Republic of Azerbaijan for 2008-2015" and a number of sectoral development programs were implemented to date.

A number of socioeconomic region development programs aimed at economic diversification were implemented between 2004 and 2018.

The estimates of the Davos World Economic Forum showed that Azerbaijan's economy ranked 38th in the world for the level of competitiveness