IJTH International Journal of Tourism and Hospitality 2709-9768 SvedbergOpen ijth-2-1-001 10.51483/IJTH.2.1.2022.1-7 Research Paper Diversification Policy in Azerbaijan: An Overview of the Tourism Sector JamalkhanovElnur 1 * 1Azerbaijan State Agricultural University, Baku, Azerbaijan. E-mail: elnurjamalkhanov@gmail.com *Corresponding author: Elnur Jamalkhanov. Azerbaijan State Agricultural University, Baku, Azerbaijan. E-mail: elnurjamalkhanov@gmail.com 01 2022 2 2 1 7 Abstract

The slump in the oil prices in mid-2014 has led to an economic recession in Azerbaijan affecting the local currency, budget revenues, foreign exchange rate, and balance of payments. Following the outcomes of the global oil shocks, the country had to build a recovery path in order to ensure sustainable economic growth. Since that time, the government has stressed a need for economic diversification and focused on the development of the non-oil sector. Tourism is considered one of the main sectors with large potential. Therefore, an analysis of this sector will provide an opportunity to access its potential in terms of contribution.

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