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In what ways has the economy of Azerbaijan been affected by globalisation - Assignment Example

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Globalization is a process of interaction among governments, corporate and other entities of different nations in order to aid international trade and investment and expedite global access of information technology. Globalization has been initiated in 1980s; since then, rapid…
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In what ways has the economy of Azerbaijan been affected by globalisation
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Download file to see previous pages Accordingly, the capital and financial market interactions in terms of exchange rate, interest rate, inflation and unemployment etc are also altered. Globalization has enormous effects on the economy of Azerbaijan as well. Azerbaijan is the Contiguous Transcontinental Presidential Republic situated in Caucasus region (United Nations, 2003). The economy of this province is characterised by inefficient public administration, high inflation and unemployment rate. In this paper, how globalization affects the economic sectors of Azerbaijan such as energy, import and export, transportation as well as science and technology will be critically analysed.
Azerbaijan gained independence in the year of 1991. Since independence, the economy of the country has been transformed from centrally planned economy to a free market economy. Overtime, the country started establishing diplomatic relationship with other countries. Presently Azerbaijan is having steady trade relationship with 160 countries of five continents (United Nations, 2003). Naturally, occurrences related to globalization largely impact the economic sectors of Azerbaijan. Initially, the economy encountered a lot of problems such as high inflation and unemployment rate, unstable currency and very low GDP growth (International Monetary Fund, 2012). After 1995, particularly after joining treaties with foreign enterprises for oil supplies, the country started experiencing rapid growth. Such economic growth facilitated the economy to privatise a number of state enterprises; the national currency Manat became stabilised (The Economists, 2015). As the economy approached towards stability, many foreign investors got attracted and companies started investing foreign capital in order to tap lucrative business opportunities lying in the economy (International Monetary Fund, 2012). Hence, import-export accelerated. Inclusion of foreign direct investment helped the Azerbaijan economy to gear up its ...Download file to see next pagesRead More
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