Gradual Economic Rebalancing Underway

Azerbaijan's oil wealth no longer provides the economic cushion it once did, and the economy already appears to be in the midst of a rebalancing act, having posted barely any positive growth in 2011. However, we view this favourably for the long-term economic outlook, as investment into the non-energy sector is already on the rise, and the impact on Azerbaijan's household wealth has so far been negligible.

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