Energy Price and Economic Growth in Kazakhstan, Uzbekistan, and Azerbaijan

2024

Full text Open access: Gold Metadata (CSL-JSON)
DOI 10.56879/ijbm.v2i2.23
Data confidence 70 medium
How this score is calculated

It is built from checkable properties of the record itself: whether the article has a DOI, how many independent sources confirmed its data, whether the required fields are filled in, and how recent the latest confirmation is. Disagreement between sources and a missing identifier lower it. A value of 80 or above means the record was published without further checking; 60 to 79 means it is published at reduced confidence, with a manual check advisable. A record verified by an editor by hand is never pushed below 90 by a recalculation. This scores our data about the article, not the article itself.

Abstract

Sustained economic growth in any nation is primarily propelled by an expanded industrial sector. Crude oil stands out as a vital prerequisite for a thriving industrial sector, making an increase in oil prices initially impact the industrial sector and subsequently influence economic growth. Therefore, the utilization of fossil oil by Kazakhstan, Uzbekistan, and Azerbaijan republics from 1991 to 2015, comparing it with the global average was approximately 1.3 times higher than the world's average, underscoring the significance of oil for these nations. Specifically, oil consumption in these countries steadily rose from 1992 to 2008, with a slight decline post-2009, nonetheless, the oil consumption of Kazakhstan, Uzbekistan, and Azerbaijan countries remains significantly higher within Central Asia, highlighting oil and gas as a key driving force for their economies.