Azerbaijan experienced the repercussions of the global downturn through weaker oil prices and heightened risk aversion towards emerging markets. Although global oil prices will be higher in 2011-15 than in 2009, slower real GDP growth in Azerbaijan owing to lower oil production growth will weigh on budget revenue, particularly in the initial years of the forecast period. In 2011-15 the government will continue to draw on the State Oil Fund of the Republic of Azerbaijan (SOFAZ, the overseas windfall fund) to help to finance social spending and infrastructure projects. A lack of effective instruments will constrain the conduct of monetary policy. The business environment will remain difficult, owing to entrenched corruption, as well as the presence of formal and informal monopolies in many sectors. In conjunction with a less favourable global environment than before the global crisis, this will hamper the authorities' goal of increasing investment in non-oil sectors such as agriculture and manufacturing.