The main structure and directions of diversification of the economy of Azerbaijan
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Date
2019
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
The economy of the Republic of Azerbaijan relies heavily on its natural
resources, the main resource, it should be noted, is oil. The economic crisis that
began in recent years, the fall in oil prices and the devaluation of the manat affected
the economic processes in Azerbaijan. In 2012, the head of state signed a decree
approving the Azerbaijan 2020: A Look into the Future Development Concept. After
conducting a brief SWOT analysis of the economy of Azerbaijan, we understand that
a deliberate policy to strengthen the oil sector for the development of the non-oil
sector is a priority and direction for diversifying the national economy.
The main strategic view of the further development of the economy of Azerbaijan
is the effective use of existing resources to achieve sustainable economic growth and
high social well-being, creating conditions for the protection and defense of human
rights and freedoms, and their active civic participation in the public life of the country.
Description
Koncepcia razvitia “Azerbaidjan 2020: vzgliad na budushee,” 2012. [The Concept of Developing: “Azerbaijan 2020: Looking to the Future”, 2012]. (in Russian).
www.president.az Ofi cialnyi sait Prezidenta Azerbaijanskoi Respubliki. [The offi cial site of Prezident of Azerbaijan] (in Russian).
www.stat.gov.az Gosudarstvennyi komitet statistiki azerbaijanskoi respubliki. [The State Committee of Statistics of Azerbaijan Republic) (in Russian).
www.maliyye.gov.az Ministerstvo fi nansov azerbaijanskoi respubliki [Ministry of Finances of Azerbaijan Republic].
“EU-Azerbaijan Partnership and Co-operation Agreement”, Baku, 2002.
“A Strategy for EU Foreign Policy”. EU Institute for Security Studies, Report, June 2010.
Keywords
GDP diversification, world market, development of production and services, innovative goods, Azerbaijan
Citation
Economics and Business, №3, 2019, pp. 101-107