ANALYSES OF INCLUSIVE ECONOMIC GROWTH PARAMETERS BETWEEN RUSSIA AND AZERBAIJAN

This paper examines the economies of Russia and Azerbaijan due to their shared economic trajectory as post-Soviet countries with similar key economic resources. The countries share geographical similarities but differ in their physical, human, and natural resources. Since the collapse of the USSR, both nations have adopted a free-market system and continue to implement economic policies aimed at achieving growth and ensuring an equitable distribution of resources. The research aims to determine the extent to which the economic growth parameters of independent Russia and Azerbaijan from 2010 to 2020 show a shared long-run equilibrium and growth pattern. The methodology involves a time-series cross-sectional data analysis, comparing various economic parameters, including a single indicator like real GDP and normal income, as well as multidimensional indicators like the Human Development Index (HDI). The research concludes that there is a parallel long-run equilibrium relationship between Azerbaijan and Russia, primarily due to their shared economic structure and institutionalization. However, there are obvious variances between the two countries, as Russia faces specific external political influences and pressures that differ from Azerbaijan, which impacts the extent of their convergence.