Managing Oil Wealth: The Case of Azerbaijan

Author: Mr. Niko A Hobdari, Ms. Chonira E Aturupane, Mr. Eric Le Borgne, Mr. Koba Gvenetadze, Mr. John Wakeman-Linn, and Mr. Stephan Danninger

Publication date: April 2004

ISBN: 9781589063082

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Topics covered in this book

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Economics- Macroeconomics , Public Finance , Taxation - General , Natural Resources , ISI , SI , natural resource boom , government , natural resource , deficit , windfall oil revenue , oil revenue management , oil wealth , oil deficit , Oil , gas and mining taxes , Natural resources , Oil prices , Sub-Saharan Africa , Africa , Asia and Pacific , gas revenue , Dutch disease phenomenon , movement effect

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Summary

Oil and gas production in Azerbaijan were projected to increase sharply in 2005 and 2006, respectively, reaching peaks of 1.3 million barrels a day in 2009 and 20 billion cubic meters a year in 2010. Although expected revenues over the next 20 years will be substantial, they are projected to return to 2004 levels by 2024. Managing this temporary windfall in a way that allows for economic diversification and increased living standards is the subject of this book, which provides extensive guidance based largely on lessons drawn from the experiences--mostly negative--of other countries.