PROBLEMS OF MODERNIZATION OF THE STRUCTURE OF THE NATIONAL ECONOMY TAKING INTO ACCOUNT GLOBAL ECONOMIC CONDITIONS

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Published: May 23, 2023

  Hanifa Jafarli

Abstract

In the article the problems of modernization of the structure of the national economy in modern conditions and ways of their solution are considered. The aim was to find the ways how to improve the process of modernization of the structure of the national economy, taking into account the world economic situation. The object of the article is the process of technological modernization of the structure of the national economy of Azerbaijan. The subject of the study are theoretical, methodological and applied aspects of creation of components for technological modernization of the national economy of the country. To this end, the issues of improving the modernization of the structure of the national economy, taking into account the global economic situation and the expansion of the activities of sectors of the economy, which are characterized by the creation of competitive added value, have been studied more optimally. It is important to improve the structure of the national economy in a more optimal and efficient way, to identify methods of solving problems related to modernization and to ensure their adaptability to the system of mechanisms of the national economy. In this connection, it is necessary to define the goals, objectives and tasks in the most optimal way. To this end, based on objective realities, the analysis of economic development processes took into account the reconstruction of the processing sector, the formation of production capacities, an increase in the economic activity of regions, the development of industrial infrastructure, a significant reduction and acceleration of the country's dependence on oil. In general, the article focuses on the inclusion of modernization of economic development as a priority. The article gives recommendations on the considered problems, makes suggestions and forms scientific and practical views, gives the author's position on the problems of modernization of the structure of the national economy: the efficient use of the potential of the oil and gas industry, which is the main leading sector of the national economy, should be ensured, first of all, to ensure the intensive development of the non-oil sector. Results. The competitiveness of the country's economy should be increased year by year, the business environment should be improved, the development of business and entrepreneurship in the "public-private-societal" triangle, the national economic development model should be designed in the context of global economic challenges. Strategic development and action programs should be adopted to ensure that the level is interesting and effective. Modernized competitive economic activities should be actively integrated into the structure of the country's economy, the network of manufacturing enterprises should be expanded, export potential should be increased by organizing import-substituting activities, and sources of foreign exchange should be diversified. In general, it is important to comprehensively and systematically implement key measures to strengthen the competitiveness of the national economy and its resilience to global economic threats in order to ensure the sustainability of its sources of growth.

How to Cite

Jafarli, H. (2023). PROBLEMS OF MODERNIZATION OF THE STRUCTURE OF THE NATIONAL ECONOMY TAKING INTO ACCOUNT GLOBAL ECONOMIC CONDITIONS. Baltic Journal of Economic Studies, 9(2), 1-7. https://doi.org/10.30525/2256-0742/2023-9-2-1-7
Article views: 454 | PDF Downloads: 268

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Keywords

structure of the national economy, modernization, economic development

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