For the past 20 years of independence the Republic of Azerbaijan has been through economic crisis, stability, and rapid development. All these steps taken toward development have been remembered ever since for both their uniqueness as well as their conformity to economic realities: firstly, the recession (1992-1995) recovery (1996-1997), boom (1998-2008) and final slump (starting 2009)1. Thus, when evaluating the past 20 years of the economy of the Republic of Azerbaijan, it is of great importance to pay close attention to its growth and prosperity and draw conclusions about the developmental process itself. However, the overall picture is that it is hydrocarbon resources and its gradually increasing income that play a profound role in helping Azerbaijan achieve economic stability.