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  • Author: Orkhan Huseynov
  • Publication Date: 05-2019
  • Content Type: Policy Brief
  • Institution: Center for Economic and Social Development (CESD)
  • Abstract: The automotive industry is a major employment generator in many economies, with millions of people earning their livelihood, both directly and indirectly. According to the International Organization of Motor Vehicle Manufacturers (IOMVM), the current turnover of the automobile industry is around 2 trillion EURO and is equivalent to the size of 6th largest economy in the world. While there has been a growth momentum for the global automotive industry in the past, it is also facing challenges of late, especially in view of the increasing cost of production and slowing down of demand. The world automotive industry is also faced with the challenge of undertaking R&D and designing fuel-efficient vehicles in view of volatile oil prices. The environmental challenges have also assumed critical importance to the automotive industry at the backdrop of climatic change
  • Topic: International Affairs
  • Political Geography: Global Focus
  • Author: Rashad Hasanov
  • Publication Date: 01-2019
  • Content Type: Policy Brief
  • Institution: Center for Economic and Social Development (CESD)
  • Abstract: The existence of a well-functioning business environment is a key factor in the diversification of the economy, the efficient use of available resources and ensuring sustainable growth. The business environment, in its turn, should be regarded as a composite of conditions that incorporate quite complex components. If one or more of the composition components are not functioning appropriately, the result you will get is not adequate to the available capacity. The existence of contemporary institutions is the absolute requirement for a "good business environment", performing functions such as coordinating all other economic advantages, organizing appropriate arrangements, and risk management.
  • Topic: International Affairs
  • Political Geography: Global Focus
  • Publication Date: 03-2019
  • Content Type: Policy Brief
  • Institution: Center for Economic and Social Development (CESD)
  • Abstract: In January-February of 2019, activity in foreign exchange markets has further escalated. According to the information provided by the State Oil Fund of Azerbaijan (SOFAZ), during the corresponding period 951 million US dollars were sold, including 634.9 million in January and 316.2 million in February. This is 47.2% higher than the same period of the previous year.
  • Topic: International Relations, International Affairs
  • Political Geography: Global Focus
  • Author: Rashad Hasanov
  • Publication Date: 02-2019
  • Content Type: Policy Brief
  • Institution: Center for Economic and Social Development (CESD)
  • Abstract: Following the recession and stagnation of the economy of Azerbaijan in 2015-2017, a growth of 1.4% was recorded in 2018. Economic growth has been mainly driven by the following factors. Favorable foreign economic environment for Azerbaijan from the context of oil prices: the initial forecast of the oil prices by the Azerbaijani government at the beginning of 2018 was 45 US dollars per barrel. Then, during the second half of the year, the forecast was adjusted to 55 US dollars per barrel. However, the actual price of one barrel of oil for the reporting period was above 71 US dollars (29% higher than forecasted)…
  • Topic: International Affairs
  • Political Geography: Global Focus
  • Author: Dan Breban
  • Publication Date: 02-2019
  • Content Type: Policy Brief
  • Institution: Center for Economic and Social Development (CESD)
  • Abstract: The current external macroeconomic conditions observed throughout the year of 2018, such as increasing rates by FED/ECB, exerts certain pressure on the economies of developing nations. Despite hovering well-over its predicted value for most of the year, the recent decline in the price of oil once again puts question marks for the future of the commodity. Considering all of the above mentioned facts in mind, dependence of 2019 state budget of Azerbaijan on oil, where 50.4% of revenues directly come from the oil sector further makes the country more vulnerable to oil price fluctuations. The largest hike is observed in the amount of revenues collected through the excise taxes while the biggest decline is in income taxes, reflecting the new amendments to the tax code. Expenditures of the state budget are going to be 7.3% higher in 2019, with the most significant boost observed in construction sector. This fact undermines the efficiency of the public funds, as the expenditures towards construction are more likely to become subject of mismanagement. When looking at the SOFAZ’s budget, a clear trend of increasingly allocating more and more funds to the state budget can be seen. As expected, new amendments were made to the fiscal rule in order to make it more flexible, however, the effectiveness of these changes are still unclear.
  • Topic: International Affairs
  • Political Geography: Global Focus
  • Author: Victoria Bittner
  • Publication Date: 02-2019
  • Content Type: Policy Brief
  • Institution: Center for Economic and Social Development (CESD)
  • Abstract: The establishment of the Eastern Partnership (EaP) policy as a part of the European Neighborhood Policy (ENP) sets new objectives for the deepening of cooperation between the EU and EaP countries, and the greater integration of the EaP based on shared norms, values and standards. Forming the eastern divide of the ENP, Armenia, Azerbaijan, Belarus, Ukraine, Moldova, and Georgia are considered official neighbors of the EU, although half of these countries (Armenia, Azerbaijan and Georgia) do not lie on the immediate borders of the EU. However, these South Caucasian countries play an important transit role by connecting the EU with Central Asia and China. Hence, the Baku-Tbilisi-Kars (BTK) railroad, crossing Azerbaijan, Georgia, and Turkey, establishes a significant link in the further development and integration of regional and global transit corridors stretching from China to Europe through Central Asia and the South Caucasus.
  • Topic: International Affairs
  • Political Geography: Global Focus
  • Publication Date: 10-2018
  • Content Type: Policy Brief
  • Institution: Center for Economic and Social Development (CESD)
  • Abstract: Currently, in Azerbaijan and the Caucasus, the situation in the economies of the region is quite variable. On the other side of the ocean, the US Federal Reverse System has been continuously raising the key interest rate. In Russia, the ruble depreciated due to existing and probable sanctions, in Turkey, economic and political circumstances have led to the 40% loss of the lira’s value (and this figure is expected to further increase by the end of the year), and the withdrawal of the US from the Iran Nuclear Deal with replaced sanctions has caused more aggravation to the socio-economic situation and rapid deprecation of the Iranian rial in the southern neighbor of Azerbaijan. The so-called trade wars and new processes led by the current US government form serious risks for globalization and liberal trade.
  • Topic: International Affairs
  • Political Geography: Global Focus
  • Author: Rashad Hasanov
  • Publication Date: 09-2018
  • Content Type: Policy Brief
  • Institution: Center for Economic and Social Development (CESD)
  • Abstract: From the second half of 2014, Azerbaijani public debt increased considerably along with several new challenges facing the domestic economy. During this period, the ratio of foreign debt to GDP rose from 8.6% (01.01.2015) to 22.8% (01.06.2018). The increase was 3.4 billion US dollars in nominal terms. At the beginning of 2018, Azerbaijan’s public debt amounted to 10 billion 100 million US dollars, while the value of loans taken with state guarantees reached 12 billion 682 million US dollars, raising the ratio of debt to GDP to 55%. The increase in the debt burden, particularly external debt liabilities, has caused concern both in the local community and in the government. Specifically, the deterioration of the financial situation of publicly-funded state institutions has raised the likelihood that the debt burden on this category will turn into a fiscal burden. As a result, the “Medium and long-term strategy for public debt management in the Republic of Azerbaijan” was approved on 24.08.2018
  • Topic: International Affairs
  • Political Geography: Global Focus
  • Author: Victoria Bittner
  • Publication Date: 01-2018
  • Content Type: Policy Brief
  • Institution: Center for Economic and Social Development (CESD)
  • Abstract: The paper aims to bring readers’ attention to the Social Economy as an alternative economic system and reanimate the development of a Social Economy sector in Azerbaijan. At the moment, the term Social Economy does not have a fixed definition and, therefore, this study tries to provide an explanation of it. Moreover, this paper describes the implications and benefits of the Social Economy in and for Azerbaijan and offers mechanisms for its further development. The study explains the Social Economy’s necessity for the future sustainable development of the country, as there are important correlations between the two. There are many opportunities that can be opened by this sector and, thus, the country should develop a social-welfare-maximization approach to the economy
  • Topic: International Affairs
  • Political Geography: Global Focus