Main areas of diversification of the economy of the Nakhichevan Autonomous Republic

Bagirsoylu H.

The article explains the need for diversification of the economy of the Nakhichevan Autonomous Republic. The historical chronology of the reasons leading to this necessity is given, the characteristics of the conditions that existed in the economy of the Autonomous Republic from the first years of independence are explained. It is substantiated that the diversification of the economy is the right strategic line to bring the economy out of recession. The most important areas of economic diversification used in the autonomous republic were analyzed, including the dynamics of the number of business structures operating in the republic, the dynamics of the main macroeconomic indicators in 2017-2021, as well as the dynamics of the structure of products and services produced by business entities. Growth dynamics is assessed as a basis for future strategic development.

Keywords:diversification of the economy, Gross Domestic Product, GDP per capita, entrepreneurial activity, dynamics of macroeconomic indicators.