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Diversification Of The Economy Of Azerbaijan How To Overcome Resource Dependence

Author

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  • LALA HAMIDOVA

    (Azerbaijan State University of Economics)

Abstract

The diversification of the economy at resource-dependent countries is an important measure to reduce dependence on these resources. To this end, the state needs to implement policies to improve the business environment, determine the priority of industries, support and develop socially important industries and infrastructure. The purpose of the study is to justify the need to diversify the economy of Azerbaijan and determine its ways in order to reduce the dependence of the economy on oil and gas resources. The results of the research show that in order to avoid resource dependence, it is necessary to determine the non-oil export potential and priority industries. In the condition of a low exchange rate of the national currency, it is necessary to create a favorable business environment for the production of import-substituting products. An important role is assigned to institutions in the successful implementation of the diversification of the economy

Suggested Citation

  • Lala Hamidova, 2018. "Diversification Of The Economy Of Azerbaijan How To Overcome Resource Dependence," Economics and Management, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 14(1), pages 2-13.
    • Handle: RePEc:neo:journl:v:14:y:2018:i:1:p:2-13
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    References listed on IDEAS

    as
    1. Halvor Mehlum & Karl Moene & Ragnar Torvik, 2006. "Institutions and the Resource Curse," Economic Journal, Royal Economic Society, vol. 116(508), pages 1-20, January.
    2. Tim Callen & Reda Cherif & Fuad Hasanov & Amgad Hegazy & Padamja Khandelwal, 2014. "Economic Diversification in the GCC; Past, Present, and Future," IMF Staff Discussion Notes 14/12, International Monetary Fund.
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    Citations

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    Cited by:

    1. Niftiyev, Ibrahim, 2022. "The Dutch Disease Syndrome Side Effects in Manufacturing Employment: A VAR Analysis of the Azerbaijan Economy," EconStor Conference Papers 266654, ZBW - Leibniz Information Centre for Economics.
    2. Niftiyev, Ibrahim, 2022. "Textile and Chemical Subsectors in the Azerbaijani Economy: A Descriptive Glance at Possible De-Industrialization," EconStor Preprints 250900, ZBW - Leibniz Information Centre for Economics.
    3. Geert M.J. Termeer, 2019. "The Theory Of "Economic Complexity And Product Space": What It Means For Economic Development In General, And For Bulgaria In Specific," Entrepreneurship, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 7(2), pages 172-185.

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    More about this item

    Keywords

    resource dependence; economic diversification; oil and gas resources; the economy of Azerbaijan;
    All these keywords.

    JEL classification:

    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)
    • P28 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Natural Resources; Environment

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