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The impact of mining industry on the economic development of Azerbaijan
Shukran, Mammadov
The mining industry is a highly significant power in the global economy, taking a major place in the provision chain incomes. Although, the role of mining manufacturing differs and seriously varies at the country degree from an economy of a different, and it is not correctly recognized and occasionally even inexplicable. The global mining industry has flourished since the early 2000s; it has observed high productivity costs and as a result increasing income stages as well. Mining industry is a central sector of economy, in numerous developing economies, Azerbaijan being one of them. The economy of Azerbaijan has accomplished its post-Soviet change to a main petroleum-grounded economy, from one where the country possessed the most important role. The evolution to petroleum manufacture brought about extraordinary development records as ventures came online; getting 26.4 per cent in the year 2005 (second uppermost gross domestic product progression globally in the year 2005 just to Equatorial Guinea) and 34.6 per cent in the year 2006 (global maximum). Huge oil resources are a main supplier to the economy of the country. In the year 2019, total mining industry exports of the country accounted for USD 18,242,946 thousand, which represents the 93 per cent of the overall exporting products, of which the 91.2 per cent is made up from mineral fuels, oil and oil products of their distillation, bituminous substances, etc. For the reason that mining industry is vital for the economy of Azerbaijan, this thesis aims to analyze its impact on the economic development of the country, by the application of profound conceptual and empirical analysis.
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