The main structure and directions of diversification of the economy of Azerbaijan

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Ivane Javakhishvili Tbilisi State University Press
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.
 Koncepcia razvitia “Azerbaidjan 2020: vzgliad na budushee,” 2012. [The Concept of Developing: “Azerbaijan 2020: Looking to the Future”, 2012]. (in Russian).  Ofi cialnyi sait Prezidenta Azerbaijanskoi Respubliki. [The offi cial site of Prezident of Azerbaijan] (in Russian).  Gosudarstvennyi komitet statistiki azerbaijanskoi respubliki. [The State Committee of Statistics of Azerbaijan Republic) (in Russian).  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.
GDP diversification, world market, development of production and services, innovative goods, Azerbaijan
Economics and Business, №3, 2019, pp. 101-107