https://doi.org/10.36719/2663-4619/112/90-95
Rahman Babayev
Azerbaijan State University of Economics
Master student
https://orcid.org/0009-0008-7698-6917
babayerhman0@gmail.com
SWOT Analysis of the Economy of the Republic of Azerbaijan
Abstract
In this article, SWOT analysis of the Azerbaijani economy was developed and economic strength and weaknesses, opportunities and threats of Azerbaijan were evaluated. It is indicated by the study that the energy sector of Azerbaijan is the major driving force for the growth of economy, but the economy cannot be diversified as it is dominated by this sector. In recent years, the efforts in the development of the non-oil sector, industrial and production growth, tourism and development of the digital economy have very promising prospects. However, dependence on oil, inflation, financial sector problems and regional geopolitical risks are some of the most significant challenges affecting economic stability. The article emphasizes the importance of diversification, innovation and structural changes as the main drivers of economic growth.
Keywords: Azerbaijan economy, SWOT analysis, oil dependence, economy diversification, non-oil sector, innovation, investment, macroeconomic stability, regional risks, digital economy, industry and production, inflation, financial sector, tourism, geopolitical risks, strategic development