DEVELOPMENT OF THE NON-OIL SECTOR AND TRANSITION TO THE POST-OIL ERA

Abstract

The purpose of the study is to comprehensively determine the role of the non-oil sector in the economic development of Azerbaijan, the economic and financial risks caused by oil dependence, as well as the main directions of the transition to the post-oil era. In this context, the issues of volatility in the global energy market, instability of oil prices, protection of economic stability and formation of long-term sustainable development strategies are kept in the spotlight.
The research methods include a systematic and multidisciplinary analysis of economic policies, structural reforms and development indicators in various sectors based on statistical, comparative and empirical approaches. In this process, the development characteristics of agriculture, industry, tourism, ICT, transport-logistics and service sectors, their contribution to economic growth, as well as the role of improving the business environment, increasing investment attractiveness, human capital development and institutional reforms are comprehensively assessed.
The practical significance of the research is related to the development of substantiated recommendations for determining effective economic strategies that ensure rapid and sustainable development of the non-oil sector, expanding export-oriented production, stimulating the socio-economic development of regions, and strengthening public-private sector cooperation.