Assessment of the Current State and Prospects for the Development of the Digital Economy of the Republic of Azerbaijan
Abstract
Azerbaijan, along with other advanced countries in the world, is currently characterised by the intensive development of digital economies. That is why the issue of the main directions of development of the information and technology environment in the Azerbaijani economy is relevant. The research aims to study and summarise aspects of the current state and peculiarities of the development of the digital economy of Azerbaijan. The study used the induction, deduction, analysis, systematisation, SWOT analysis methods. Azerbaijan is a fairly developed industrial and agricultural country, but the country’s economic environment is unstable. The development of the digital economy is negatively affected by a decrease in funding and a decline in the production of high-tech goods. However, the biggest problem is the low level of digital literacy of the population. Accordingly, the main directions for the development of digitalisation of economic processes in Azerbaijan should be measures to expand education in the field of information and computer technologies with the involvement of foreign specialists and introduce mandatory courses to improve the skills of digital specialists. The main factors in the development of Azerbaijan’s digital economy are foreign investment and human capital. Thus, the practical significance of the study is that the main established directions of formation of the digital economy in Azerbaijan can be used in further works of scientists to improve digitalisation in the country, and the established main educational direction can be used by the Azerbaijani authorities to bring the country to the world level following digital technologies.
References
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[2] Abdullayev, Kamran, Mahir Abbaszade, Aygun Aliyeva, and Konul İbrahimova (2022). Regulation of the Digital Economy in Modern Conditions of Competitiveness. WSEAS Transactions on Business and Economics 19: 1289-95. DOI: https://doi.org/10.37394/23207.2022.19.115
[3] Abdullayev, Kamran, Rauf Allahyarov, Gunay Teymurova, Mahir Zeynalov, and Gulnara Fataliyeva (2023). The Role of Digital Transformation in Building a Competitive Economy: A Case Study of Azerbaijan. Economic Affairs 68(Special Issue): 705-10. DOI: http://doi.org/10.46852/0424-2513.2s.2023.11
[4] Abdullayev, Kamran (2022). Factors Influencing the Ranking of Maritime Transport in the Global Competitiveness Report: The Developing Country Case. Corporate and Business Strategy Review 3(2): 43-54. DOI: https://doi.org/10.22495/cbsrv3i2art4
[5] Abukhader, Sajed M. (2008). Eco-Efficiency in the Era of Electronic Commerce – Should ‘Eco-Effectiveness’ Approach Be Adopted? Journal of Cleaner Production 16(7): 801-08. DOI:https://doi.org/10.1016/j.jclepro.2007.04.001
[6] Adner, Ron, Jianqing Chen, and Feng Zhu (2019). Frenemies in Platform Markets: Heterogeneous Profit Foci as Drivers of Compatibility Decisions. Management Science 66(6): 2432-51. DOI:https://doi.org/10.1287/mnsc.2019.3327
[7] Alexiou, Constantinos (2009). Government Spending and Economic Growth: Econometric Evidence from South-Eastern Europe (SEE). Journal of Economic and Social Research, 11(1): 1-16.
[8] Atici, Gonca (2021). Digital and Digitalized Economy in EMs: A Focus on Turkey. In: Emerging Markets. London: IntechOpen. DOI: https://doi.org/10.5772/intechopen.94494
[9] Babayev, Emin A. (2018). Electronic Government as an Element of the Digital Economy: Experience of the Republic of Azerbaijan. Administrative Consulting, 8: 137-47. Available at: https://www.acjournal.ru/jour/article/viewFile/910/901
[10] Berdar, Marharyta M., and Olha Yevtushevska (2021). Ways of State Economic Policy Implementation. Investments: Practice and Experience, 2: 70-75. DOI: https://doi.org/10.32702/2306-6814.2021.2.70
[11] Blikhar, Vyacheslav, Mariia Vinichuk, and Angela Ryzhkova (2022). Institutional Foundations of De-Shadowing the Economy of Ukraine in the National Financial Security System. Social and Legal Studios 5(2): 68-76. DOI: https://doi.org/10.32518/2617-4162-2022-5-2-68-76
[12] Bukht, Rumana, and Richard Heeks (2017). Defining, Conceptualizing and Measuring the Digital Economy. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3431732
[13] Chen, Yongmin (2020). Improving Market Performance in the Digital Economy. China Economic Review, 62, 101482. DOI: https://doi.org/10.1016/j.chieco.2020.101482
[14] Cong, Lin William, Danxia Xie, and Longtian Zhang (2021). Knowledge Accumulation, Privacy, and Growth in a Data Economy. Management Science, 67(10): 6480-92. DOI: https://doi.org/10.1287/mnsc.2021.3986
[15] Dabbous, Amal, Karine Aoun Barakat, and Sascha Kraus (2023). The Impact of Digitalization on Entrepreneurial Activity and Sustainable Competitiveness: A Panel Data Analysis. Technology in Society, 73: 102224. DOI: https://doi.org/10.1016/j.techsoc.2023.102224
[16] David, Oladipo Olalekan, and Wynand Grobler (2020). Information and Communication Technology Penetration Level as an Impetus for Economic Growth and Development in Africa. Economic Research, 33(1): 1394-418. DOI: https://doi.org/10.1080/1331677X.2020.1745661
[17] Ghrachorloo, Najaf, Javid Ghahremani Nahr, and Hamed Nozari (2021). SWOT Analysis in the General Organization of Labor, Cooperation and Social Welfare of East Azerbaijan Province with a Scientific and Technological Approach. International Journal of Innovation in Engineering, 1(4): 47-61. DOI:https://doi.org/10.59615/ijie.1.4.47
[18] Gomes, Sofia, João M. Lopes, and Luís Ferreira (2022). The Impact of the Digital Economy on Economic Growth: The Case of OECD Countries RAM. Revista de Administração Mackenzie, 23(6): eRAMD220029. DOI: https://doi.org/10.1590/1678-6971/eRAMD220029.en
[19] Gultakin, Gabil M. (2021). The Role of Digital Economy in the Development of Financial System. In: 70th International Scientific Conference on Economic and Social Development (pp. 140-5). Baku: Azerbaijan State University of Economics.
[20] Habibi, Fateh, and Mohamad Amjad Zabardast (2020). Digitalization, Education, and Economic Growth: A Comparative Analysis of Middle East and OECD Countries. Technology in Society, 63: 101370. DOI:https://doi.org/10.1016/j.techsoc.2020.101370
[21] Horoshko, Olena-Ivanna, Andrii Horoshko, Stanislav Bilyuga, and Viktoriia Horoshko (2021). Theoretical and Methodological Bases of the Study of the Impact of Digital Economy on World Policy in 21 Century. Technological Forecasting and Social Change, 166: 120640.
[22] Hosan, Shahadat et al. (2022). Dynamic Links among the Demographic Dividend, Digitalization, Energy Intensity and Sustainable Economic Growth: Empirical Evidence from Emerging Economies. Journal of Cleaner Production, 330: 129858. DOI: https://doi.org/10.1016/j.jclepro.2021.129858
[23] Isayeva, Xırdaxanım İlyas qızı (2023). Development of Financial Accounting Methods for the Digital Economy in Azerbaijan. Scientific Bulletin (Social and Technical Sciences Series), 1: 216-22. Available at: https://journal.wcu.edu.az/uploads/files/2023-1-ictimai-35Isayeva%20X%20Taxire%20x.pdf
[24] Khankishiyev, Khankishi (2021). Transition to a Digital Economy and Ensuring Sustainable Competitiveness in Global Markets. In: 70th International Scientific Conference on Economic and Social Development (pp. 283-93). Baku: Azerbaijan State University of Economics.
[25] Khankishiyeva, Jamala (2021). Theoretical Foundations of the Development of the Digital Economy in Modern Conditions. In: 70th International Scientific Conference on Economic and Social Development (pp. 277-82). Baku: Azerbaijan State University of Economics.
[26] Khotamov, Ibodullo S. (2019). World Tendencies and Development of the Digital Economy in Uzbekistan. Archive of Scientific Research 1(1). Available at: https://ejournal.tsue.uz/index.php/archive/article/view/341
[27] Korsunska, Maryna, Veronika Butorina, Kamran Abdullayev, Yuriy Kravtsov, and Lesia Ustymenko (2022). The Role of Creative Potential in the Project Management Process for the Implementation of the Company’s Strategies. Review of Economics and Finance, 20: 255-62. DOI: https://doi.org/10.55365/1923.x2022.20.30
[28] Kuklina, Evgenia A., and Emin A. Babayev (2019). Digital Economy in the Projection of the Economic Development Model: Realities of the Republic of Azerbaijan. Administrative Consulting, 12: 90-103. DOI:https://doi.org/10.22394/1726-1139-2019-12-90-103
[29] Kurhan, Natalia, Olha Fartushniak, and Lidiia Bezkorovaina (2023). Improvement of Organization and Automation of Commercial Enterprise Electronic Money Accounting in Conditions of Economy Digitalization. Economics of Development, 22(3): 8-20. DOI: https://doi.org/10.57111/econ/3.2023.08
[30] Leontyev, Alexey, Karlis Ketners (2023). The Improvement of Decision-Making in the Latvian Tax System: Cases of Irreducible Incompatibility Taking into Account Reliability, Equity and Efficiency Criteria. Intellectual Economics, 17(2): 322-43.
[31] Li, Kai, Dan J. Kim, Karl R. Lang, Robert J. Kauffman, and Maurizio Naldi (2020). How Should We Understand the Digital Economy in Asia? Critical Assessment and Research Agenda. Electronic Commerce Research and Applications, 44: 101004. DOI: https://doi.org/10.1016/j.elerap.2020.101004
[32] Lopes, João M., Paulo Silveira, Luís Farinha, Márcio Oliveira, and José Oliveira (2021). Analyzing the Root of Regional Innovation Performance in the European Territory. International Journal of Innovation Science, 13(5): 565-82. DOI: https://doi.org/10.1108/IJIS-11-2020-0267
[33] Mayer, Walter, Gary Madden, and Chen Wu (2020). Broadband and Economic Growth: A Reassessment. Information Technology for Development, 26(1): 128-45. DOI:https://doi.org/10.1080/02681102.2019.1586631
[34] Musayeva, Nezaket, Nigar Atakishiyeva, Manzar Mammadova, and Ulkar Mammadova (2022). Innovations in the Azerbaijan Auditing Activity. Review of Economics and Finance, 20: 1286-94.
[35] Okumura, Yukihiko, Satoshi Suyama, Jun Mashino, and Kazushi Muraoka (2019). Recent Activities of 5G Experimental Trials on Massive MIMO Technologies and 5G System Trials Toward New Services Creation. IEICE Transactions on Communications, E102.B(8): 1352-62. DOI:https://doi.org/10.1587/transcom.2018TTI0002
[36] Piddubna, Liudmyla, and Marianna Gorobynskaya (2023). Digital Transformation as a Factor of Changes in the Organizational Behaviour of International Companies. Development management, 22(4): 25-36. DOI:https://doi.org/10.57111/devt/4.2023.25
[37] Pürhani, Safar, Shafa Guliyeva, Vusala Teymurova, Narmin Guliyeva, and Shahla Gahramanova (2022). Human Capital as a Driver of Sustainable Development in Azerbaijan. Journal of Eastern European and Central Asian Research, 9(6): 927-37.
[38] Samedova, Elnara et al. (2022). Exchange Rate Regime in a Crisis: The Case of Azerbaijan. Journal of Eastern European and Central Asian Research, 9(4): 679-90.
[39] Saridoğan, Hasan Önder, and Muhammed Veysel Kaya (2019). Knowledge Economy and Economic Performance: Comparison of Turkey and the European Union. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 6(3): 916-35. DOI: https://doi.org/10.30798/makuiibf.569498
[40] Stender, Svitlana, Inna Tsvihun, Inna Balla, Valentyna Borkovska, and Yuliia Haibura (2024). Innovative Approaches to Improving the Agricultural Sector in the Era of Digitalization of the Economy. Scientific Horizons, 27(3): 154-63. DOI: https://doi.org/10.48077/scihor3.2024.154
[41] Tkachenko, Alla, Nataliіa Levchenko, Tatyana Pozhuieva, and Nataliіa Сhupryna (2020). Innovative Infrastructure and Economic Development in the Agrobusiness Investment. International Journal of Advanced Science and Technology, 29(8 Special Issue): 2559-65.
[42] Tukhtabaev, J. S. et al. (2023). Econometric Assessment of the Dynamics of Development of the Export Potential of Small Businesses and Private Entrepreneurship Subjects in the Conditions of the Digital Economy. Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics) 13772 LNCS: 440–51.
[43] Varnaliy, Zakhariy, Svitlana Onishchenko, Alexandra Masliy (2016). Threat Prevention Mechanisms of Ukraine's Economic Security. Economic Annals-XXI 159(5-6): 20-24.
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[45] Ziberi, Besime, and Merita Zulfiu Alili (2021). Economic Growth in the Western Balkans: A Panel Analysis. South East European Journal of Economics and Business, 16(2): 68-81.
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Published
2024-06-28
How to Cite
ABDULLAYEV, Kamran et al.
Assessment of the Current State and Prospects for the Development of the Digital Economy of the Republic of Azerbaijan.
Theoretical and Practical Research in Economic Fields, [S.l.], v. 15, n. 2, p. 217-231, june 2024.
ISSN 2068-7710.
Available at: <https://journals.aserspublishing.eu/tpref/article/view/8462>. Date accessed: 27 dec. 2024.
doi: https://doi.org/10.14505/tpref.v15.2(30).06.
Section
Articles
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