The drop from peak oil prices is testing Azerbaijan’s economy and its people’s ability to adjust to a more modern financial system.

For the decade from 2006 to 2016, few economies were as dynamic as Azerbaijan’s. Petroleum reserves brought boom times and the economy grew by 35% in the year 2006 alone.

But the prosperity concealed a troubling undercurrent.

When oil prices began dropping beginning in 2014, Azerbaijan’s economic resilience was tested.

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Read the working paper

https://www.adb.org/publications/financial-inclusion-financial-literacy-and-financial-education-azerbaijan

About the author

Gubad Ibadoghlu is a senior policy analyst at the Scientific-Research Institute at Azerbaijan State University of Economics, Baku.

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