Workshop on Economic Modelling jointly arranged by BP Azerbaijan and the Ministry of Economic Development of the Republic of Azerbaijan was held November 30, 2004 at the State Oil Fund of the Republic of Azerbaijan.

The workshop participiants exchanged views on how the macroeconometric model and forecasting might help economic policy implementation. They particularly identified the need of designing macroeconomic development of Azerbaijan in the light of the “The Long-Term Strategy on the Management of Oil and Gas Revenues” recently approved by Prezident Ilham Aliyev of Azerbaijan.

Mr. Adrian Cooper of the Oxford Institute for Economic Forecasting (UK)gave presentation on “The role of macroeconometric modelling in forecasting and policy analysis”, which focused on the experience of other countries in macroeconometric modelling.

Mr. Farhad Aliyev, Minister of Economic Development, Mr. Elman Rustamov, Chairman of the Board of the National Bank, Mr. Ogtay Hagverdiyev, Head of the Department of Economy and Finance-Credit Policy of the Cabinet of Ministers, Mr. Samir Sharifov, SOFAZ Executive Director, Mr. Azer Bayramov, Deputy Finance Minister, Mr. Natig Aliyev, President of the State Oil Company of the Republic of Azerbaijan, Mr. David Woodward, President of BP Azerbaijan, as well as the high-level experts of the economic bodies of the Republic of Azerbaijan on macroeconomy and economic policy attended the workshop.