Akademik Məlumat İdarəetmə Sistemi
55th International Scientific Conference on Economic and Social Development, vol.3, pp.486-495, 2020 (Conference Book)
The main directions of the economic policy implemented by the Government of Azerbaijan against the background of the increasing uncertainty in the global economic landscape - the share of specific weight of forecasted revenues from the non-oil sector in GDP, - maintenance of sustainability in economic growth due to growth in the oil sector, regulation of investments in the non-oil sector, etc. have been researched in the article. It is shown that although investments in the non-oil sector have a larger share in the structure of investments in fixed assets, the growth of these investments have not been enough for the neutralization of the decline in investment in the oil sector. Analyzing the contribution of the oil and non-oil sector to economic growth, it was noted that the highest growth rate among the sub-sectors of the non-oil sector, the non-oil industry has had a significant impact on GDP growth. High growth rates in other non-oil sectors were observed in the information and communication, agriculture, forestry and fisheries sectors. The increase in the share of foreign direct investment in non-oil GDP in the non-oil sector is defined in the “Strategic Roadmap for the National Economic Prospects of the Republic of Azerbaijan” have been analyzed as one of the special targets, it was concluded that the share of investments in the non-oil sector in non-oil GDP for 2019-2023 will be expected to vary between 19. 5-22.8%. In 2020, the growth of revenues from the non-oil sector to the state budget is forecasted to be accelerated further than the corresponding indicator of the oil sector, and the increase in the ratio of these revenues to the corresponding indicator of GDP for the non-oil sector indicates the wider use of existing potential. Acceleration of the growth rate of the oil sector in the coming years is forecasted to accelerate the real growth rate of GDP, while the non-oil sector is expected to maintain its dominant position. An analysis of the implementation targets under the framework of Strategic Roadmap shows that the share of foreign direct investment in the non-oil sector in non-oil GDP will be increased from the current 2.6 percent to 4 percent by 2025.