The thesis widely deals with the role of tourism in economic growth in the modern globalizing world. It studies the financial and investment sphere, which plays an important role in economic development, considered the main directions and ways to improve this area.

Tourism is a strategically important direction of the country's social policy. The development of tourism promotes a new perception of national traditions and cultures and their presentation to the world. The development of tourism in all its forms, that is, domestic and foreign tourism, is a mechanism of social policy aimed at improving the welfare of the population.

The paper considers tourism as one of the most important parts of the country's economic potential. This function plays an active role in the development and implementation of the concept in the development of the economy of Azerbaijan. Thus, the directions of development of the non-oil sector including the areas of social structure are strengthened.

In connection with the development of tourism, infrastructure in the regions of the country, new hotels, entertainment centers are being built, new jobs are being created, which contributes to the successful resolution of the employment issue.

The thesis explains the role of tourism in the economy. At the same time, the article considers the tourism sector as one of the sources of profit in the state budget. The author analyzes the current situation in the tourism sector from the specific facts and explaines the existing problems in this area. The paper investigates the ways of solving these problems and gives certain suggestions and recommendations in the direction of the development of tourism in Azerbaijan Republic as well.

Keywords: development of economy, tourism, economic potential, non-oil sector, conception, infra­structure.