Diversification of the economy in the context of globalization (case of Azerbaijan)

Research background: Azerbaijan, as a country with rich mineral resources, faces macroeconomic difficulties due to income instability. In 2011-2013, during the period of high world oil prices, Azerbaijan began diversify economy and develop non-oil sector at expense gas export revenues. The need has become especially important in conditions increased global competition integration national into economy. Purpose article: aim issue is assessment study characteristics diversification analyze dependence country’s economic development on degree its exports, assess level country. Methods: To measure diversification, we used indicators such Herfindahl-Hirschmann index, industry concentration GDP. originality value research lies revelation number specific Azerbaijani that affect growth based correlation-regression analysis other econometric methods. According characteristics, resulting model adequate confirms empirical findings Findings & Value added : results showed deeper required. overcome conduct effective it necessary processing industries, expand accessibility small medium enterprises financial stimulate foreign investment sector.