Azerbaijan

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Azerbaijan is located on the southeastern part of the Caucasus, which stretches for more than 800 kilometers from the Black to the Caspian Sea. Lying at the crossroads of Europe and Asia, the country has a unique geographical position, and retains its significance for world economic and cultural links. Azerbaijan is one of the world's oldest oil-producing countries.

Source: Ministry of Foreign Affairs

SPOTLIGHT

According to Doing Business 2009, an annual series published by the World Bank and International Finance Corporation, Azerbaijan was the world's top reformer in doing business.

Feature

Five banks in Azerbaijan signed trade finance agreements under the Asian Development Bank's Trade Finance Facilitation Program to help companies in Azerbaijan conduct more international trade and become more closely integrated into regional and global business networks. Read more.

Economic Outlook

The highlight from the Asian Development Outlook 2010:
Strong performance in the oil and gas sector, despite lower international prices, and a countercyclical policy helped sustain buoyant growth in 2009. Transfers from the State Oil Fund propped up public investment, while the authorities eased monetary policy aggressively. High growth is expected to be maintained in 2010 as oil prices climb and as public investment expands. Over the long term, the economy is challenged by its excessive dependence on oil and its low level of diversification. Measures are needed to transform the industry sector and to boost productivity in agriculture. Read more.

3.2.1 GDP growth by sector