Economic power of tourism industry: evidence from Azerbaijan

Abstract

Tourism industry is considered one of the fastest-growing and most efficient industries to improve economic welfare of the country. Azerbaijan, a country at the crossroads of Europe and Asia, has embraced tourism as a key driver of its economic development. Azerbaijan possesses immense potential to expand its
tourism sector further with its history, culture, and natural beauty. However, to fully acquire the economic power of tourism, the country faces several challenges that require comprehensive solutions. This article will analyze the tourism’s economic impact in Azerbaijan, identifies key problems, and proposes reasonable solutions to improve current situation.