The effect of the global financial crisis on Azerbaijan’s economy is an interesting case study, particularly because it is a small CIS (Commonwealth of Independent States) transition country strongly dependent on oil exports. In fact, oil constitutes about half of the country’s GDP. Azerbaijan’s economy was mostly affected by a drop in oil prices. As … Continued
According to various authors, by the beginning of this century Ukraine’s shadow economy was estimated to be around 40‐50% of the official economy, one of the highest levels in Europe. The estimates for Russia show similar results (around 40% of GDP). These figures suggest that in both countries around 30‐40% of total employment is located … Continued
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