TOPICAL ISSUES OF DIVERSIFIED POLICY AND SUSTAINABLE ECONOMY OF AZERBAIJAN

Abstract. It is revealed that the sharp drop in oil prices demonstrated the existing problems in oil-producing countries and created a situation of weakening the economic stability of the Republic of Azerbaijan. It is established that sustainability of economy is the modern challenge for oil-produci...

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Bibliographic Details
Main Author: M. Y. Guliyev
Format: Article
Language:Russian
Published: Dagestan State Technical University 2016-07-01
Series:Вестник Дагестанского государственного технического университета: Технические науки
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Online Access:https://vestnik.dgtu.ru/jour/article/view/129
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Summary:Abstract. It is revealed that the sharp drop in oil prices demonstrated the existing problems in oil-producing countries and created a situation of weakening the economic stability of the Republic of Azerbaijan. It is established that sustainability of economy is the modern challenge for oil-producing countries of the CIS. The results of the analysis of the macroeconomic situation in the Republic of Azerbaijan on the basis of which it is confirmed that Russia is the largest trade and economic partner of Azerbaijan are given. It is proved that a diversified economy has the highest degree of stability, which is why diversification is today one of the main directions of economic policy of Azerbaijan. It is proved that industrial policy and import substitution should be adequate to global challenges.In order to increase the export potential of Azerbaijan, growth of production of competitive import-substituting products, attraction of foreign investment suggested the formation of technology parks and industrial districts based on new technology using incentives of supply, demand and market promotion of products of highest priority from the point of view of ensuring economic stability of the industries. To implement the specific strategic goals for sustainable development the use of mechanism of project financing is proposed.
ISSN:2073-6185
2542-095X