Digital Economy in the Projection of the Economic Development Model: Realities of the Republic of Azerbaijan

Abstract

At present, not only the formation of the VI technological order is occurring, but also the transition to a network model for the development of the world economy, a specific feature of which is virtualization. This is the objective reality of our time, to which all countries are forced to adapt, taking it for granted, coexisting in a single digital space. The article explores the economic model and identifies patterns of economic development in Azerbaijan in the postSoviet period. The experience of digitalization of the economy is studied on the basis of public administration, the key factors for the development of the Azerbaijani economy are formulated, the perspective direction of using digital technologies within the framework of the existing economic development model is substantiated. A hypothesis is the assumption that it is necessary to use blockchain technology to increase the efficiency of the oil and gas sector, which forms a significant part of the state budget revenues, more than 50% of which are transfers from the State Oil Fund of the Republic of Azerbaijan.

Keywords

• economic model
• digital economy
• e-government
• oil and gas sector
• big data
• blockchain
• digital space
• forecast analytics