Modernization in Azerbaijan

The economic crisis has afflicted all countries of the world. As a result, the global economy is now in a period of recession that will probably last for several years. Azerbaijan is not a lucky exception. Under these circumstances, the country's authorities decided to start a series of reforms.

The main efforts of the Government were devoted to further development of the oil industry. Azerbaijani officials decided to expand oil production in order to provide economic growth. As a result, the growth of Gross Domestic Product in 2009 constituted 9.3 per cent, inflation was at the level of 1.5 per cent and 9.2 billion dollars were invested into the country's economy. At the end of 2009 the external debt of Azerbaijan amounted to 8 per cent of GDP, while a level of 40 per cent is widely agreed to be quite satisfactory. Azerbaijan has 25 billion dollars in gold deposits.

At the same time, Azerbaijan has launched a modernization in the sphere of politics. The electoral system is being reformed, mass media is developing, and the country is improving its democratic
institutions. Foreign policy is also balanced. The country is developing its relations with both its neighbours and the highly industrialized countries of the West.

The policy of modernization has been proclaimed and it's highly probable that Azerbaijani officials will manage to implement their strategy successfully.

Asya Gadzhisade. Exclusively to VK