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.1604-1610
It was possible to overcome the crisis period and achieve economic development by favoring natural resource utilization (hydrocarbon reserves) in transition to the new economic system stage in Azerbaijan. The rapid consumption of certain resources for its recovery creates certain difficulties in the process of economic growth. Therefore, it is necessary to analyze the balance between the consumption of resources and its recovery. Economic development, social development, and economic development, which are the pillars of sustainable economic development, are impossible without adequate financial support. After independence, the most important part of the 250 billion US dollar's investment has been invested in physical capital. The dominance of physical capital investment is characteristic of the Factor-Driven Economies, which is the . first stage of economic development of the countries. According to the 2014-2015 report of the World Economic Forum, Azerbaijan is included in a group of countries which passed from the . first stage based on factor-based economies to the second stage with an efficiency-driven economy. According to the World Economic Forum's classification of stages of economic development, Azerbaijan's economy is characterized by a transition from the . first stage of development to the 2nd stage of development (factor effectiveness), which is more promising for human capital than physical capital. In the transition from the . first stage of economic development to the second stage of the economy, which is characterized as an efficient economy, it is possible to create favorable conditions for the transition to innovative development (Phase 3) by creating favorable conditions for human capital development. It is expedient to give priority following to ensuring sustainable development in Azerbaijan: 1. Gradual preference of oil revenues to financing non-oil sector; 2. Creating favorable conditions for the formation of human capital as a result of the development of all forms of education; 3. Achieving an increase in the share of non-oil products in GDP by stimulating regional development; 4. Promoting the use of recurrent (renewable) resources; 5. To achieve an increase in import-substituting products in the national economy; 6. Stimulation of export of non-oil products; 7. To achieve an effective rate of national economy sectors by improving the structure of the economy; 8. Development of the mechanism of returning of this investment to the state budget gradually from the revenues of the economic sectors invested in the state budget;