NATIONAL WEALTH OF THE REPUBLIC OF AZERBAIJAN AND THE RESULTS OF ITS ASSESSMENT

Abstract

The main goal of the article is to assess the national wealth of Azerbaijan. For this purpose, the complex and long-term historical sequence of assessing national wealth is briefly presented. The article also explains the essence of the World Bank's expanded concept of assessing the national wealth of countries. The essence of the World Bank's expanded concept has been explained. The expanded concept of national wealth assessment proposed by the World Bank is based on the processes of managing national asset portfolios. In order to assess the national wealth of a country, its structural components have been identified. The national wealth of the Republic of Azerbaijan was assessed based on the United Nations System of National Accounts - 2008 and the World Bank concept, and it was determined that the specific weight of natural resources in wealth is very high. The article also emphasizes that in modern times, the main criterion for the development of countries is determined by the share of human capital in national wealth. As a result, the need to develop human capital, which has a significantly low share in national wealth, was noted in Azerbaijan for the purpose of competitive and sustainable economic development of the country.