Development of Azerbaijan's economy is one of the state's top priorities.
Diversification of the economy is important for sustainable
development. For the last 30 years, important work has been done to
develop the non-oil sector in Azerbaijan economy, which is based on the
oil factor. This article examines the development trends of the non-oil
sector and its future prospects. Based on the statistics of recent years, the
development trends of the non-oil sector are identified and which areas
need more development. This article shows the pace of development of
the Azerbaijan economy over the past decade and discusses the
contribution of the non-oil sector. There is a dependence from natural
resources and non-oil sector development should be accepted as a not
disputable solution. More recently, the development rate of non-oil
sector slowed down in 2020 due to the global pandemic but the overall
rate seems promising in terms of diversification of national economy.
Citation:
Shirinbayli, T. (2021). Importance of non-oil sector in Azerbaijan economy. ASERC Journal of Socio-Economic Studies, 4(1), 75-82. DOI:10.30546/2663-7251.2021.4.1.75