10.17686/sced_rusnauka_2010-1660 [chapter]

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in Azerbaijan slowed significantly under the impact of a number of factors, primarily the global financial crisis. In January-December 2009, the consumer price index rose by only 1.5% compared to the same period of the previous year. 9 Questions also arise about the low, in the opinion of WEF experts, share of imports in GDP, which is known to be an indicator of economic openness. On the whole, the ratio of a country's foreign trade (both imports and exports) to its GDP is an indicator pointing
more » ... indicator pointing to the degree of globalization of its economy. But the share of imports considered without regard to the sectoral structure of the economy and exports, the dynamics of the country's international reserves and other similar indicators is hardly representative enough for assessing national competitiveness. This is well illustrated by Azerbaijan, where the low share of imports in GDP certainly does not indicate their relative (let alone absolute) insufficiency. Even with full satisfaction of the country's import requirements its international reserves continue to increase rapidly due to its huge (by the standards of the national economy) oil and gas revenues. But on the whole the results of the WEF study are very useful for identifying the "weak spots" in national competitiveness and in this sense have great constructive potential.
doi:10.17686/sced_rusnauka_2010-1660 fatcat:3g52ldk6avcl7d5wvgokfwtdfq