Perfection of the financial system as a guarantor of economic stability

Abstract

In the article, the author points out that the state budget, being the central link of the financial system, plays an indispensable role in the development of material and non-material production industries. Therefore, the main priority of the state economic policy, including fiscal policy, in 2017 was the dynamic development of the non-oil sector, as well as an increase in the share of this sector in non-oil GDP and budget revenues. Significant investments in large scale in the economy of Azerbaijan became possible with the oil strategy. In this sense, the signing of the "Contract of the Century" meant the implementation of huge projects that create a favorable ground for the integration of the Azerbaijani economy into the world space.

Strategic road maps on the national economy and the main sectors of the economy will ensure its greater growth of competitiveness, inclusive economy and social welfare.

Thus, in order to eliminate dependence on oil revenues, a number of measures were taken. A strategic roadmap for the national economy and the main sectors of the economy will ensure its greater growth in competitiveness, inclusive economy and social well-being. Responding to global challenges as a result of attracting investments, will allow the development of a free business environment, access to the markets of human capital Azerbaijan, which in turn will strengthen its positions in the world economy and enter the group of high-income countries.