1945

Azerbaijan is an upper-middle-income country in the South Caucasus, at the crossroads connecting Europe to Central and East Asia and the Islamic Republic of Iran. It is a global pioneer in hydrocarbons, and its exports from the massive reserves in the Caspian Sea remain the main driver of the economy, contributing to a well-endowed sovereign wealth fund. The overreliance on fuel exports has left the economy undiversified and vulnerable to global commodity price shocks, a risk compounded by low productivity in non-oil sectors and growing environmental concerns.

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