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Executive Summary

Black Gold into Human Gold

Apr 4, 2014

This report has been prepared by a team of international experts led by Prof. Michael Hopkins including Prof. John Lawrence, Prof. Allan Webster and Dr. Tom Stephens, within the project on "Potential use of Azerbaijan's oil revenues to convert black gold into human gold" implemented by the Ministry of Economic Development of the Republic of Azerbaijan in partnerhip with the United Nations Development Programme (UNDP). 

The Report examines of the most important policy issues facing Azerbaijan today: how best to use the country's oil revenues to reduce poverty and achieve sustainable economic development. The Report provides an analysis of the national situation as well as international comparisons with 40 other single-resource exporting economies. The underlying message of the Report is to emphasize the importance of developing an internaltionally competitive non-oil sector by "converting black gold into human gold'. The Report makes recommendations for investing in Azerbaijan's human capital to achieve this goal. 

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