Problems of the Azerbaijani Economy Diversification in Modern Conditions

DOI

10.2991/assehr.k.210322.081How to use a DOI?

Keywords

Azerbaijan, Diversification, Problems of economic diversification, Structure of the Azerbaijani economy, Non-oil sector of the economy, Competitiveness of the economy, Prospects for diversification of the economy of Azerbaijan

Abstract

The article deals with the problems of diversification of the Azerbaijani economy in current conditions. Azerbaijan has formed a model of economic development considering the effective use of oil resources, which became the engine of the country’s economy after the restoration of its independence connected with the former USSR collapse. The essence of the model of economic development of Azerbaijan and its essential features are revealed. Emphasis is placed on minimising the country’s economy’s dependence on the oil factor through intensive development and improving the efficiency of non-oil sectors of the economy. Priority directions of development of non-oil industries are considered, and their potential is analysed. The dynamics of GDP in the oil and non-oil sectors of the Azerbaijani economy is given. The share of the oil and non-oil sectors in the GDP of the country’s economy is estimated. The industry structure by type of economic activity and some indicators of the non-oil sector of Azerbaijan are presented. The structure of the output of the non-oil sector of the country is given. The dynamics of attracting foreign investment in specific sectors of the Azerbaijani economy is reflected. The need to accelerate the development of specific non-oil sectors of the economy, characterised by high potential and competitiveness, is noted. Especially recommended is the expansion of activities in the field of heavy engineering, chemical and petrochemical, and the metallurgical industry of the non-oil sector of the industry. The importance of strengthening modernisation and developing targeted programs for equipping non-oil sectors of the country’s economy with high technologies ensures its effectiveness is substantiated. Several recommendations and proposals on the problems of diversification of the Azerbaijani economy soon are given.

Copyright

© 2021, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Download article (PDF)

TY  - CONF
AU  - Shafa Aliyev
PY  - 2021
DA  - 2021/03/30
TI  - Problems of the Azerbaijani Economy Diversification in Modern Conditions
BT  - Proceedings of the VIII International Scientific and Practical Conference 'Current problems of social and labour relations' (ISPC-CPSLR 2020)
PB  - Atlantis Press
SP  - 38
EP  - 44
SN  - 2352-5398
UR  - https://doi.org/10.2991/assehr.k.210322.081
DO  - 10.2991/assehr.k.210322.081
ID  - Aliyev2021
ER  -