Research Proposal Tourism in Resource Based Countries.docx

Four years since independence actual salaries of

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four years since independence, actual salaries of population went down by approximately 6  times which in turn led to economic recession and hyperinflation (1763.5% in 1994).  Inflation processes were also encouraged by enormous decline in production, multiplication  of state debts, unreasoned money-credit, taxation-budget, financial-banking and foreign trade  policies that were irrelevant to the situation of the economy at that time. In 1994, several oil agreements were signed via the Contract of the Century through  which natural resources of the country - oil & gas started to be properly used in the  independence years. Efficient usage and trade of resources boosted the economy and GDP  started gradually to rise. Along with this improvement, Azerbaijan eliminated trade  restrictions and barriers, reduced quotas which helped international trade to grow. GDP has 
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had a rising trend till Great Recession in 2008-09. During the recession, oil prices had fallen  from its peak $147.27/barrel to below $60 which caused a rise in inflation. To reduce  inflation, Azerbaijan created interest rate corridor.  Regardless of the fact that recession was  over, the huge amount of expenditures on social infrastructure, investments on new projects  (for instance, building Eurovision 2012 venue and organizing the event itself) bounded the  rise in GDP and it continued to slightly fall. However, starting from 2015, overall welfare of  the economy tended to rise because of the grand events such as 1st European Games,  Formula 1 Grand Prix, 4th Islamic Solidarity Games, 42nd Chess Olympiad that attracted  foreign countries’ population in a considerable level and thus boosted tourism sector. Brand  hotels have started to be built, famous restaurant have been established, new recreation  activities have been organized all of which caused the greater level of tourist attraction.  Employment in hotels, travel agencies, tourism enterprises has significantly risen which apart from boosting tourism sector, helped with unemployment problem as well. Kazakhstan After gaining its independence Kazakhstan laid the foundation for regulation of  tourism activity and revival of people’s cultural and historic heritage. According to the article published in 2018, January on the “”, named “Kazakhstan seeks ways to  bolster tourism” : ASTANA – Kazakhstan will enhance its tourism industry by developing a  destination culture, mountain skiing and urban travel products, said managers of Kazakh  Tourism, a new state-owned company tasked with developing tourism products in the  country. Yet in 2017, Kazakhstan ranked only 81st in the World Economic Forum’s (WEF) 
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  • Spring '15
  • tourism industry, Tourism Sector

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