FANDOM


Azərbaycan Respublikası
Republic of Azerbaijan

Flag of Azerbaijan Coat of Arms of Azerbaijan
Anthem
Azərbaycan marşı
Map of Azerbaijan
CapitalBaku
Government Presidential republic
President
- From 2003Ilham Aliyev
Prime Minister
- From 2003Artur Rasizade
Legislature National Assembly
History
August 30, 1991Declaration of Independence
October 18, 1991Recognized
Area86,600 km²
Population
- 20109,047,000
 Density104.4/km²
GDP2010 (PPP)
- TotalUS$ 90 billion
- Per capitaUS$ 9,953
CurrencyManat
Flag of the Azerbaijan SSR Azerbaijan SSR
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The Republic of Azerbaijan is a presidential republic in the Caucasus.


Background

Azerbaijan - a nation with a majority-Turkic and majority-Muslim population - was briefly independent from 1918 to 1920; it regained its independence after the collapse of the Soviet Union in 1991. Despite a 1994 cease-fire, Azerbaijan has yet to resolve its conflict with Armenia over Nagorno-Karabakh, a primarily Armenian-populated region that Moscow recognized as part of Soviet Azerbaijan in the 1920s after Armenia and Azerbaijan disputed the status of the territory. Armenia and Azerbaijan began fighting over the area in 1988; the struggle escalated after both countries attained independence from the Soviet Union in 1991. By May 1994, when a cease-fire took hold, ethnic Armenian forces held not only Nagorno-Karabakh but also seven surrounding provinces in the territory of Azerbaijan. Corruption in the country is ubiquitous, and the government, which eliminated presidential term limits in a 2009 referendum, has been accused of authoritarianism. Although the poverty rate has been reduced in recent years due to revenue from oil production, the promise of widespread wealth resulting from the continued development of Azerbaijan's energy sector remains largely unfulfilled.[1]

Economy

Azerbaijan's high economic growth during 2006-08 was attributable to large and growing oil exports, but some non-export sectors also featured double-digit growth, spurred by growth in the construction, banking, and real estate sectors. In 2009, economic growth remained above 9% even as oil prices moderated and growth in the construction sector cooled. In 2010, economic growth slowed to approximately 3.7%, although the impact of the global financial crisis was less severe than in many other countries in the region. The current global economic slowdown presents some challenges for the Azerbaijani economy as oil prices remain below their mid-2008 highs, highlighting Azerbaijan's reliance on energy exports and lackluster attempts to diversify its economy. Azerbaijan's oil production increased dramatically in 1997, when Azerbaijan signed the first production-sharing arrangement (PSA) with the Azerbaijan International Operating Company. Oil exports through the Baku-Tbilisi-Ceyhan Pipeline remain the main economic driver while efforts to boost Azerbaijan's gas production are underway. However, Azerbaijan has made only limited progress on instituting market-based economic reforms. Pervasive public and private sector corruption and structural economic inefficiencies remain a drag on long-term growth, particularly in non-energy sectors. Several other obstacles impede Azerbaijan's economic progress: the need for stepped up foreign investment in the non-energy sector and the continuing conflict with Armenia over the Nagorno-Karabakh region. Trade with Russia and the other former Soviet republics is declining in importance, while trade is building with Turkey and the nations of Europe. Long-term prospects will depend on world oil prices, the location of new oil and gas pipelines in the region, and Azerbaijan's ability to manage its energy wealth to promote sustainable growth in non-energy sectors of the economy and spur employment.[2]

President

  • Ilham Aliyev () (October 31, 2003 - )


Prime Minister

  • Artur Rasizade () (November 4, 2003 - )

Nation

Azerbaijani Polities

Neighbouring Nations

References

  1. The CIA World Factbook: Introduction - Background
  2. The CIA World Factbook: Economy - Overview

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