IMPLEMENTATION OF ECONOMIC REFORMS IN AZERBAIJAN AND THEIR IMPACT ON THE DEVELOPMENT OF THE COUNTRY’S ECONOMY

Abstract

This article analyses the essence of the socio-economic reforms implemented in Azerbaijan and their impact on the sustainable development of the country. It is noted that as a result of these 
targeted and strategic reforms,macroeconomic stability has been ensured in the country, and favourable conditions have been formed for inclusive and sustainable economic growth.In particular, measures taken to diversify the economy, develop the non-oil sector and promote private investment have made a significant contribution to reducing oil and gas dependence. The article analyses the stages of economic development that Azerbaijan has undergone during its independence in a comparative manner. It shows that after the period of decline in 1991–1995, a stage of sustainable development began in 1996. As a result of the economic strategy established under the leadership of the national leader, Heydar Aliyev, the transition to a market economy and integration into the world economy were successfully implemented in the country, and as a result, a development concept characterised as the "Azerbaijani model" was formed. At the same time, within the framework of the industrialisation policy, directions such as the creation of industrial parks and technoparks, the application of innovative technologies, the expansion  of competitive product production and the increase in non-oil exports play an important role in the modernisation of the economy.