Azerbaijan to diversify its economy

As analysts suggest, there are certain risks to Azerbaijan if the country does not diversify its economy properly. It should intensively develop all sectors of the economy because presently, Azerbaijan is flourishing because of its oil and oil-related products as well as natural gas. If, because of geo-political risks, something should happen to these sectors, the country could face many problems. The IMF suggests that Azerbaijan should spend its oil revenues rationally, create a beneficial climate for competition and liberalize trade. Currently, 93% of the country’s export is oil, oil products and natural gas.