Lecture notes_Strategic Road Map.docx

Currently azerbaijan is recognized as 61 st country

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Currently Azerbaijan is recognized as 61 st country for the food supply and 86 th country for the quality of food products in the Global Food Security Index. Improved agriculture system will enable to Azerbaijan to be rated 40 th in both global ratings. Economic welfare. In 2025, economy of Azerbaijan will be sustainable to shocks and become one of 25 most competitive economies of the globe as a result of macroeconomic stability, particularly, fiscal sustainability, favorable business environment, developed infrastructure, free access to foreign markets and attracted FDI.
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High income country in accordance with the WB classification; After 2025 3/4 of GDP will come from non-oil sector; As can be seen the first two periods based on the intensity of labor and efficiency models, while strategic vision after 2025 provides the transition to a model based on innovativeness. In addition to that, Starategic Roadmap includes separate roadmaps for 11 prioritised sectors of national economy. 4 production sectors (1. development of oil and gas industry, 2. manufacture and processing of agricultural prodcust, 3. manufacture of SME level consumer goods, 4. development of heavy industry and machinery), 2 services sectors (development of specialised toursim sector, development of trade and logistics), and 2 social sectors (housing provision at affoedable prices, development of vocational education and training) and additionally 3 supporting sectors (development of utilities, development of information and communication technologies, and development of financial services). In addition to horizontal approach consisting of 11 sectors of the national economy, there are another four vertical functional approaches: fiscal and monetary policies, development of human capital, improvement of state enterprises, and improvement of business climate. Main objective is to ensure macroeconomic stability, to constrain inflation and to commence anti- dollarization.
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Strategic priorities Strategic goal 1 – to strengthen fiscal sustainability and adopt sustainable monetary policy. Dependency of the economy of Azerbaijan from natural resources, particularly from oil need to be reduced both in short and long term. Considering non-renewable nature of natural resources, shifts attention towards alternative approaches in order to adopt a sustainable economic development model. Based on estimates, Azerbaijan’s confirmed oil and gas reserves will be sufficient for 30 years only. Coordination of fiscal and monetary system will ensure macroeconomic stability. Priority 1.1: Adoption of ‘Golden Rule’, which will regulate the transfer of oil revenues to the state budget. Actions: 1.1.1 – Introduction of the ‘golden rule’ principle – stability in SOFAZ’s transfer to the state budget. It will facilitate forecasting opportunity – increased efficiency.
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