Assessment of external economic factors affecting economic development in the South Caucasus

The article examines foreign economic factors affecting the economic development of the South Caucasus countries. The most favorable position in the Caucasus in terms of territory belongs to the South Caucasus. It is necessary to properly assess the economic potential of this region, the geoeconomic realities that increase its importance and affect the system of international economic relations. In recent years, it is clear that international organizations and the world's economic powers attach great importance to the region. It is further noted that the South Caucasus and Central Asia have led to sustainable development and security from the Mediterranean to China, as well as sustainable development and the export of Caspian oil and gas with the participation of world-renowned companies to the European market. Foreign trade and the export potential of the region play an important role in the economic development of the South Caucasus and in its influence on international economic development. Therefore, by prioritizing international markets, it is important to increase the competitiveness of sectors of the economy and its subsectors, which may be integrated into the international economy, to increase the efficiency of factors of production, especially human capital, and to give preference to effective foreign economic policy.