FEATURES OF ECONOMIC DEVELOPMENT IN THE SOUTH CAUCASIAN COUNTRIES, CURRENT STATE AND PROSPECTS OF REGIONAL ECONOMIC RELATIONS

Abstract

The current level of territorial - economic relations and production apacities of the South Caucasus countries has become one of the important factors for strengthening and deepening the integration process. The dynamics of globalization necessitates efficient use of the favorable geographical position of the Caucasus Region, as well as, its socio-economic and transit potential. The article analyzes the economic development features and regional economic relations of the South Caucasian countries with the help of key macroeconomic indicators. The research shows that Azerbaijan has formed a strong economy in the region, and the region's transit potential and regional relations are poorly used. The article gives substantiated proposals for increasing the transit potential of the Caucasus region and raising the level of regionalization.