International Conference on Eurasian Economies
29-31 August 2016 – Kaposvár, HUNGARY
Paper detail
Paper ID : 1659
Status : Paper published
Language : Russian
Topic : Growth and Development
Presenter: Assoc. Prof. Dr. Lala Hamidova
Session : 4E Экономический рост
The Necessity of Diversification of Industry of Azerbaijan
Необходимость Диверсификации Промышленности Азербайджана
- Assoc. Prof. Dr. Lala Hamidova (Azerbaijan State Economic University, Azerbaijan)
Abstract
The article reveals the benefits of diversification of industry, measures for overcoming of "curse of natural resources" in relation to the conditions of Azerbaijan and moving from the resource development industry in the country are studied there. This issue has three aims. Firstly, it is disclosure of necessity of diversification of industry, secondly - justification of the benefits of diversification, the third aim - the development of scientifically based recommendations for opportunities of diversification of the economy of the country. Two ways are used for fight against "curse of natural resources": backup of oil revenues in the State Oil Fund of the Azerbaijan Republic and the creation of the necessary political and economic institutions. The results of the research show that diversification is necessary in the countries depending on export of hydrocarbon resources. Diversification of economy of Azerbaijan should be directed to increase in human capital, development of infrastructure, support of financial institutions and stimulation of development of private business.
JEL codes: Q32, Q38, O14
Hamidova, Lala (2016). "The Necessity of Diversification of Industry of Azerbaijan" in Proceedings of International Conference of Eurasian Economies 2016, pp.897-899, Kaposvár, HUNGARY.
DOI: https://doi.org/10.36880/C07.01659
Session 4E: Экономический рост
