EFFİCİENT USE OF OİL REVENUES İN POST-PANDEMİC AND POST-CONFLİCT PERİODS: THE CASE OF AZERBAİJAN
EFFİCİENT USE OF OİL REVENUES İN POST-PANDEMİC AND POST-CONFLİCT PERİODS: THE CASE OF AZERBAİJAN

Summary/Abstract: In the post-war and post-oil period, the country's dependence on oil revenues must be significantly reduced, oil revenues must be injected into the real economy, and the development of competitive industries must be further accelerated. The transition to a new stage of economic development requires the development of human resources, the formation of an effective and sound macroeconomic policy framework that serves sustainable macroeconomic and fiscal stability, as well as the expansion of the digital economy. At the same time, declining oil prices due to declining global economic activity and demand for oil have proved once again that oil-rich countries need to develop the non-oil sector and achieve economic diversification in order to achieve long-term economic growth and sustainable economic development. In this regard, in the new stage of economic development, Azerbaijan must reduce the dependence of the state budget on oil revenues and continue economic diversification, as well as increase the share of the non-oil sector in budget revenues.

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