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External debt is one of the key indicators on the economic growth of a country. However, the underestimation of the risks and unefficient use of received funds resulted on the default of some countries. Lately, Greece, Spain and Portugal faced default due to challenges on paying back the external debt. The purpose of the study is to determine the structure of external debt in Azerbaijan and calculate it by interest rates to assess main economic indicators, such as, the volume of GDP, the income and expenses of the state budget, social inequality, employment and poverty indicators. As an oil rich country, there is a difference on the impact of external debt to the oil and non-oil sector. Thus, the growth of oil sector through external debt is conducted by the international contracts. The research was conducted by conducting statistical, competitive analysis and running econometrical models. According to the research results, external debt does not impact the economic growth all the time. For this, the goals of the external debt, its allocation and control have to respond to international standards. The oil prices of the world market, in addition, the ratio of national currency against the foreign currency, including U.S. dollar has an impact on the borrowed or paid external debt. The competitive economic environment in the country should be maintained and improved for the growth of the national economy. The innovativeness of the research is that the structure of the external debt has been calculated by the interest rates and economic indicators were assesed by diversification. [ABSTRACT FROM AUTHOR]

In this article the integration between science and education has been studied. The number of indexed scientific articles in Azerbaijan is accepted as a explained variable, which is pulled up from SCOPUS scientific bibliographic base and its dependence on the number of admitted PhD students has been assesed running the econometric model. In addition, the dependence of explained variable on the GDP value, education and science has been calculated by running the econometric models. As a result, the ratio of Doctor of Science to Doctor of Philosophy has been calculated. [ABSTRACT FROM AUTHOR]

Competition plays key driving force for economic development in the efficient market economy. To achieve competitive advantage at the international level, each country needs to improve competitiveness on different economic indicators at the national level. The Global Competitiveness Report 2018 of World Economic Forum calculated the competitiveness index of countries under 98 sub-indexes. The goal of the research is econometric assessment of the impact of competitiveness to economic development in the oil rich countries, such as Azerbaijan. For the purposes of this research, the global rating of Azerbaijan was determined through calculating the volume of GDP, as well as, oil and non-oil GDP. The research was conducted by applying systematic and statistical analysis and running Excell and Eviews8 calculations. As a result, the impact of competitiveness index to the GDP (oil and non-oil GDP) at the oil rich countries, such as Azerbaijan was calculated and following outcomes were achieved: • The semi-elasticity coefficient is above 1 on the volume of non-oil GDP on the competitiveness index. That means, if the competitiveness of Azerbaijan increases on the global rating then the next year non-oil GDP increases more than 1%. The improvement of the competitiveness indicators in the current year in Azerbaijan increases non-oil sector the following year. It takes time to attract investments to a country, so this outcome is expected. • The semi-elasticity coefficient of the GDP volume on the competitiveness index is smaller than the semi-elasticity coefficient of the non-oil GDP at the oil rich countries. The practical importance of the research: this study can motivate other scholars to conduct reseach on the area. The innovativeness and uniqueness of the research: the impact of the competitiveness indicators on the economic growth has been assesed in Azerbaijan. [ABSTRACT FROM AUTHOR]