The secret of Azerbaijan's economic success

Official circles in Azerbaijan are constantly highlighting the fact of the country’s regional leadership. Azeri economic analyst Parhad Omarov stated that in 2010 Azerbaijan's economic success was acknowledged the world over. The IMF also acknowledged the Azeri central bank's effective anti-crisis policy. As a result, in 2009 Azerbaijan achieved the largest economic growth in the world. The Azeri Central Bank believes that the country will continue to be a leader in economic growth in the south Caucasus region. Azerbaijani is the richest country in the South Caucasus in terms of currency reserves. But analysts think that Azerbaijan's economic success is mainly reliant on oil and gas and if the country did not have these reserves their economy would be less developed than either Armenia’s or Georgia’s. They conclude that Azerbaijan's regional leadership in the south Caucasus economy is based purely on the export of its oil and gas.