WAYS OF IMPROVING AND PROSPECTS OF INTERNATIONAL RELATIONS OF AZERBAIJAN
Journal Title: Економічна стратегія і перспективи розвитку сфери торгівлі та послуг - Year 2017, Vol 1, Issue
Abstract
The article describes the main directions of the development of international economy of Azerbaijan. Over the twenty year period of formation of the Azerbaijani statehood in the country formed its own model of economic development. In particular, specific features of the geographical location of the region, availability of natural resources, climate, history, culture, mentality and traditions of the people, socio-economic structure of society, etc. should be taken into account. Therefore, consideration of the financial market of the country and the trends of its components is a necessary and relevant question. Modernization of the priority sectors based on the cluster approach, development of the network of special areas of innovation and entrepreneurship, creation of fundamentally new mechanisms of regulation and financing of innovative activities, development of legislative base for the creation of zones of high technologies, priority development of non-oil clusters are the main directions of the development of Azerbaijan economy. The acceleration of GDP was associated with a significant increase in non-oil sector of the economy. The oil and gas sector is also evolved. The main drivers of growth were consumption, stimulated by Bank loans. Investments to a lesser extent contributed to the acceleration. Despite a high rate of export growth in real terms achieved through the growth of oil production and devaluation, exports decreased because of falling prices for oil exports. Substantial growth of import during the same period is associated with the expanding domestic demand. This led to the reduced surplus in foreign trade. Forecasting of export and import of the main kinds of products of Azerbaijan is conducted and the structure of GDP by key basic sectors of the economy is examined. When constructing the forecast, the dependence of the rate of market growth against relative market share was taken into account. For the analysis and formation of product strategy of the enterprise the matrix of Boston consulting group (BCG) was applied. When constructing this matrix the dependence of the rate of market growth on relative market share was taken into account.
Authors and Affiliations
Аліна Артьомова, Валерія Ліман
Keywords
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- EP ID EP193597
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