Ali MASIMLI

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Ali Masimli, Ph.D. (Econ.), deputy of the Milli Mejlis (Parliament) of the Azerbaijan Republic (Baku, Azerbaijan).

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OPTIMIZING AZERBAIJAN’S ECONOMIC DEVELOPMENT IN THE GLOBALIZING WORLD: PROBLEMS AND PROSPECTS

ABSTRACT

This article takes a look at the socioeconomic results of the market reforms at the current stage of globalization. Relying on copious statistical information, the author concludes that Azerbaijan’s main problem in this sphere today is that its economic development is based on the leading role of the oil factor, which in the midterm could lead to an abrupt drop in the rates of economic and social growth. In order to maintain sustainable development in the long term, the country should transfer from the export-raw material model to an optimal model of Azerbaijan’s economic development by intensifying the economic reforms, making efficient use of the country’s human, resource, as well as integration potential, and enhancing economic modernization.

Introduction

When Azerbaijan restored its state independence in 1991, new opportunities opened up for the country to efficiently use its vast economic potential as it made its transition to market relations and………………..

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