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Progress on financial reform has generally hung back macroeconomic stabilization. The federal government has actually mainly finished privatization of agricultural lands and also medium-sized and tiny ventures.Tourism is an important part of the economic climate of Azerbaijan. The country was a popular vacationer area in the 1980s. However, the loss of the Soviet Union, and also the Nagorno-Karabakh War throughout the 1988-- 1994 period, damaged the visitor market and also the picture of Azerbaijan as a vacationer location. The GDP development rates observed in Azerbaijan throughout last years made the country among the fastest growing economic situations on the planet.As Western oil firms are able to tap deepwater oilfields untouched by the Soviet exploitation, Azerbaijan is thought about one of one of the most crucial spots worldwide for oil exploration and also advancement. The Solution One Grand Prix is kept in Baku, the capital city as well as has actually been held right here for several years.Otto Club is located in the city center, nearly 300 meters from Fountain Square. You require to pay 10 Manats entrance cost to celebration at this dynamic spot. Otto club is believed to experience one of the most happening crowd in the community. Do not risk to miss out on this amazing area providing fascinating night life in the nation.In August 2000, the government introduced a second-stage privatization program, in which several big state ventures will certainly be privatized. Considering that 2001, the economic activity in the nation is controlled by the Ministry of Economic Development of Azerbaijan Republic. The economic situation of Azerbaijan has actually completed its post-Soviet transition into a major oil based economy (with the conclusion of the Baku-Tbilisi-Ceyhan Pipe), from one where the state played the major role. The genuine GDP development rate for 2011 was expected at 3.7% however had dropped to 0.1%. Huge oil gets are a major contributor to Azerbaijan's economic climate. here The nationwide currency, the Azerbaijani manat, was steady in 2000, decreasing 3.8% versus the buck.The region of the Lesser Caucasus makes up the majority of the nation's gold, silver, iron, copper, titanium, chromium, manganese, cobalt, molybdenum, facility ore as well as antimony. In September 1994, a 30-year agreement was authorized in between the State Oil Business of Azerbaijan Republic (SOCAR) and also 13 oil companies, among them Amoco, BP, ExxonMobil, Lukoil as well as Statoil.Azerbaijan additionally plays a major role in the EU-sponsored Silk Roadway Project. The transport field in the country consists of roads, railways, air travel, and also maritime transportation. Two thirds of Azerbaijan is abundant in oil as well as natural gas.Since late 2000s, the defense sector of Azerbaijan has actually emerged as an autonomous entity with an expanding protection production capability. The ministry is accepting the defense sectors of Ukraine, Belarus and also Pakistan. New program which is prepared by the Europe Union is aimed to sustain financial diversification of Azerbaijan. The program will certainly be focused on the advancement of the region at the neighborhood and also global levels.But the banking industry of Azerbaijan has yet to tap the large growth capacity that should be possible due to the continuation of the high economic development. Because of this the financial sector stays little in relation to the dimension of the Azerbaijani economic situation. Given that 2002, crucial phases of restructuring of the banking system have begun to be carried out.