Akademik Məlumat İdarəetmə Sistemi
37th International Scientific Conference on Economic and Social Development - Socio Economic Problems of Sustainable Development, Baku, Azerbaijan, 14 - 15 February 2019, pp.613-622
The importance of the provision of economic growth in globalized world economy, being the strategic aim of national interests, the strengthening of macroeconomic stability comprehensive and sustainable development, improvement of social welfare as a source connected with these problems. Since its independence, volatile development of Azerbaijan's economic growth rate, that is stages of recession, stability and upsurge or boom, was the result of various internal and external factors, affected by the country's strategic importance. For example, if recession in the early years was characterized by internal factors like stagnation and stability, the upsurge stage of the country's economy related to the oil strategy was catalyzed by such external factor as the increase of the oil prices in global economy. Nevertheless, slowdown in economic growth and weakening of economic activity in 2001-2014 with the sudden and sharp drop in oil prices, reconfirmed, that dependence of the economy mainly on oil-related activity is not effective. As a result, decrease in monetary reserves and limitation in sources of economic financing, generated necessity for search of new means of investment in its economic growth. From 2015 it was an imperative course to shift from capital-intensive to essentially new economic growth models based on efficient financing sources and prioritization of non-oil sector development was set forward as the catalytic factor in the process. It is specifically stated in the Strategic Road Map on national economy that development of the non-oil sector plays a crucial role in achieving sustainable economic growth. The chances of non-oil sector development depends on the stabled and balanced development of regions, improvement of economic structure and their implementation and capital investment. The hardness center of regional development of socio-economic development are connected with institutional reforms, the implementation of the measures accelerating economic development in the regions, achieving their balance development caused to the disproportion. Determination of development priorities of the regions, effective utilization of existing natural resources, from the proportional placement of productive forces, approaching of production fields to raw materials, with expansion of innovative production of export orientation of competitiveness, diversification of economy creates conditions and it provides the economic stability of the country.