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
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Keywords
GDP diversification, world market, development of production and services, innovative goods, Azerbaijan
Citation
The 4th International Scientific Conference: "Challenges of Globalization in Economics and Business", Tbilisi, 2019, pp. 293-296