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Abstract


THE SHINING STAR OF ITS REGION, AZERBAYIJAN: THE PERIOD OF ECONOMIC TRANSITION

After gaining independence for the second time in 1991, Azerbaijan went into a process of political, structural and economic change. Economic change took place through the transition from a socialist economy model to a free market economy, called a central structure based on specialization and division of labor. Although this process of change did not take effect in the early periods, it started to show its effect after the political stability of the country and the legal regulations in all sectors of the economy. Although growth has been observed in all areas of the country's economy after 1995, oil and petroleum-based sectors have shown rapid development. The rapid development of the country's economy through only natural resources has caused the economy to face the danger of Dutch syndrome. This rapid development in the economy continued until the end of 2014. Due to the sharp decline in oil prices in 2015-2016, the country's economy entered into a crisis. In 2016, as the Strategy Roadmap for the Main Sectors of the Economy entered into force, the restructuring process of 11 sectors of the country's economy began. The main reason for the need for restructuring is to improve the economy of all sectors of the economy and to save the country's economy from dependence on oil.



Keywords
Azerbaijan, Economy of Azerbaijan, Economic Change



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