Azerbaijan 2012 Budget is USD 25 bln

Azerbaijan managed to escape the economic crisis. Around 80% of the economy of the South Caucasus region is based on Azerbaijan. This was stated by the president of the Azeri Central Bank Elman Rustamov. According to him, poverty levels in the country have decreased five times, Azeri currency reserves are around USD 45 bln. According to Rustamov, the second wave of the world economic crisis is approaching and the country will be ready for this. He suggested that today in Europe more than 200 mln people are unemployed. Meanwhile Azerbaijan economic growth reached 5%. He also stated that president Ilham Aliev had promised that in the near 10 years the Azeri economy will double and this will be based mostly on developing the sectors outside the oil industry. Rustamov highlighted that it is very important to develop small and medium size business, better protect private property, promote an independent court system, and develop human resources.