Innovations and Investments as a Sources of Economic Growth in Azerbaijan in Pandemic Conditions

Abstract

This article examines the issues of ensuring economic growth in the economy of Azerbaijan. Authors consider the innovative stages of development for Azerbaijan national economic growth based on modern technologies and attracting investment. Investments for implementing modern innovations in Azerbaijan have played a leading role in increasing the export potential of hi-tech products and their competitiveness in the world market. This article has considered some indexes (index of economic freedom, index of "economic complexity") and the position of Azerbaijan in the ranking of the CIS countries for 2013-2020. The gradual and consistent economic growth of Azerbaijan contributes to the stability and efficiency of the economy and develops the scientific, technical and technological potential of the industry and the qualifications of personnel. Increasing the level of investments in the national economy of Azerbaijan will allow moving from a stage driven by factors to a stage driven by investments that ensure sustainable development of the economy through scientific, technical and technological developments.