ABSTRACT
The economic, social, political processes taking place in the world radically transformed the system of relations between countries in the post-Soviet space. The readiness of the CIS countries for global changes was clearly insufficient. The development of complex processes related to the transformation of all relations in society has highlighted the problems of stability and social integration. The problem of studying the content of these processes is becoming increasingly important. First of all, it is necessary to realize that change cannot be limited to a narrow economic field. In our understanding, this approach allows us to analyze relations in a transitional society, where politics, economics and the social sphere are closely intertwined. The transition to the stage of sustainable economic growth is possible only on the basis of the formation of the technological potential of production, the development of entrepreneurship, and social mobility of workers. After the collapse of the Soviet Union, Russia and the new independent states remained with a very unusual configuration of the economy and the infrastructure and technological base. The traditional business in the CIS - trade in raw materials and industrial cooperation - is in crisis. Especially the economies of the oil-exporting countries of the region have undergone significant changes under the influence of falling oil prices in world markets. In 2015, a sharp drop in world prices for raw materials, devaluation of national currencies, economic sanctions against Russia had negative consequences in trade relations within the region, as well as with the EU countries. But now, political, financial and technical obstacles tied to the spread of the Coronavirus may disrupt this relations and making it logistically and politically complicated.
ABSTRACT
This paper, presents an analysis of the sectors that show the largest potential for supporting the country 's quest for economic diversification. It draws upon latest information about the diversification of economy and development strategy of oil producers countries from various sources, including research publications and reports provided by international economic organizations (OECD, WB, IMF, ADB, CAREC, EU4 Business programmes and OPEC+). The study assesses the challenges and key constraints of economy, and analyzes key areas in which specific sector reforms can best contribute to economic diversification. The paper also discusses evidence-based policy suggestions that will be useful for the government's future strategies and plans diversifying the industrial base. This paper highlights the importance of foreign investment in supporting SME integration in global value chains (GVCs). Disruptions to global supply chains are one of the clearest effects of the Coronavirus in the world economy. A growing number of researchers expect to change the breadth of their supply chains as a result of the COVID-19 pandemic. Therefore, it is important to act swiftly and in meaningful ways to minimize the fallout from this crisis. As the crisis evolves, complexities and vulnerabilities in global supply chains, which extend beyond role CIS countries in manufacturing and goods trade. Diversification is helping unlock the Azerbaijan's vast resources and human potential. Accelerating economic diversification in Azerbaijan will require strong political will to improve the country's business climate, enhance competitiveness, and increase private sector participation-as laid out, along with the state program of reforms, in Azerbaijan.
ABSTRACT
The process of increasing international trade uncertainties is the main trend of the world economy. There has been an increase in scientific and practical interest in regional economic ties. This paper examines and summarizes the main trends and key areas in the field of regional economic relations of developing countries. The combination of a COVID-19 pandemic and a collapse in oil prices has affected all aspects of the economies in the Middle East, Africa, Central Asia and Eurasia. The most significant regional factors have been identified. The pandemic has further exacerbated trade restrictions and protectionist trends. Overall, trade performance has declined significantly in recent years in the context of the pandemic, slowing trade liberalization and increased protectionist measures. According to the WTO, in 2019-2020, 60% of new trade measures implemented by the G20 countries were related to the pandemic. The pandemic has also disrupted global value chains in developing countries and exacerbated as well as the growing importance of geopolitics, national security and the declining importance of multilateral decision-making. Internal industry prioritization has led to major disruptions in the regional supply chain. In the current situation, it is not clear how the global value chains will change with the reduction of the risks associated with the pandemic, as well as the emergence of reshoring trends. Changes are likely, although the economic underpinnings of most global value chains are still in place. This policy aspect becomes all the more relevant in a context of possible retrenchment or reconfiguration of GVCs, brought about by escalating trade conflict among major developed economies. In the context of an unstable world economy in developing countries, the trend of regional economic integration is increasing. It follows from this that regional economic cooperation may to a greater extent determine trade relations in the future, since its role in the restoration of the economic systems of developing countries is increasing. However, in order to develop complex ties and bring relations to a new level corresponding to the changing realities of the world economy, Central Asia and Eurasia need innovative approaches to interaction and economic recovery.