Mensuel de mai 2023 - Economie / Banques

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“It is only with peace that we can develop a prosperous economy in all of South Caucasus and broader Caspian region” (Interview with Ambassador Elchin AMIRBAYOV, Special Envoy of the President of Azerbaijan)
Azerbaijan’s economy looks quite strong with a GDP growth expected to reach 5% in 2022, 2023 and 2024. The recent increase of energy prices is a major contributor to this.   Energy was the only economic asset in 1991 when the Soviet Union imploded, but the revenues generated were earned by Moscow before. In 1991, we had to manage this restored independent industry, to build the appropriate critical transportation infrastructure i.e., the oil pipelines, the gas pipelines and the railroads to export to the western markets and to develop our own needs in the Caspian Sea. Because Armenia occupied at that time almost 20% of our territory including the former region of Nagorno-Karabakh, we had to bypass Armenia, through Georgia and Türkiye. In 2006, through...
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