Republic of Armenia : Accumulation, Competition, and Connectivity

By 2013, the Armenian economy has left behind most of the hangover from the global financial crisis and a look at medium-to long-term growth drivers is therefore in order. Real Gross Domestic Product (GDP) growth reached 7.2 percent in 2012, and th...

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Bibliographic Details
Main Author:	World Bank
Format:	Country Economic Memorandum
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCESS TO INFORMATION AGGREGATE DEMAND AGRICULTURAL OUTPUT AGRICULTURAL PRODUCTION BARRIERS TO COMPETITION BARRIERS TO ENTRY BARRIERS TO GROWTH BEHAVIOR OF PRICES BOND MARKET BONDS BUSINESS ENVIRONMENT CAPITAL ACCUMULATION CAPITAL FLOW CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKETS CARTELS CENTRAL BANK CENTRAL DEPOSITORY COAL COLLATERAL COLLATERAL BACKING COMMERCIAL BANKS COMMODITY COMMODITY PRICES COMMUNICATION TECHNOLOGIES COMMUNICATION TECHNOLOGY COMMUNICATIONS TECHNOLOGY COMPETITION FRAMEWORK COMPETITION POLICY COMPETITIVE MARKETS COMPETITIVENESS CONCEPTUAL FRAMEWORK CONFIDENTIALITY CONNECTIVITY CONSUMER PRICE INDEX CORPORATE CLIENTS COUNTRY DEVELOPMENT CPI CREDIT FACILITY CREDIT INSTITUTIONS CREDIT PRODUCTS CRITICAL MASS CURRENCY CURRENT ACCOUNT BALANCE CUSTOMER SERVICE DEBT DECISION MAKING DEPOSIT DEPOSIT RATE DEPOSITS DOMESTIC COMPETITION DOMESTIC ECONOMY DOMESTIC INVESTORS DOMESTIC MARKET ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC DYNAMISM ECONOMIC GROWTH ECONOMIC INTEGRATION ELECTRICITY GENERATION EMERGING ECONOMIES ENTRY POINT EXCHANGE RATE EXPENDITURES EXTERNAL TRADE EXTERNALITIES FACTORS OF PRODUCTION FEDERAL RESERVE FINANCIAL CRISIS FINANCIAL INFRASTRUCTURE FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICES FINANCIAL SYSTEM FISCAL DEFICIT FIXED COSTS FIXED INCOME FOOD PRICES FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN INVESTMENTS FOREIGN INVESTORS FORESTRY FUND INFORMATION GDP GLOBAL MARKET GLOBAL MARKETS GOVERNMENT BOND GOVERNMENT DEBT GOVERNMENT INTERVENTIONS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROWTH RATE GROWTH RATES HIGH UNEMPLOYMENT HOME COUNTRY HUMAN CAPITAL INCOMES INFLATION DYNAMICS INFLATION TARGETING INFORMATION TECHNOLOGY INFRASTRUCTURE INVESTMENTS INFRASTRUCTURE PROJECTS INNOVATIVE TECHNOLOGY INSURANCE INTANGIBLE INTELLECTUAL PROPERTY INTERNATIONAL MARKETS INTERNATIONAL RESERVES INTERNATIONAL TRADE INVESTMENT CLIMATE INVESTOR CONFIDENCE IRRATIONAL EXUBERANCE JOB CREATION LABOR COSTS LABOR FORCE LABOR MARKET LABOR PRODUCTIVITY LAW ENFORCEMENT LEGAL FRAMEWORK LIBERALIZATION LIVING CONDITIONS MACROECONOMIC MANAGEMENT MACROECONOMIC STABILITY MARGINAL COSTS MARKET ACCESS MARKET BEHAVIOR MARKET COMPETITION MARKET CONDITIONS MARKET DISTORTIONS MARKET DOMINANCE MARKET PARTICIPANTS MARKET POWER MARKET REGULATION MARKET REGULATIONS MARKET SECURITIES MARKET STRUCTURE MARKET STRUCTURES MARKET TRENDS METALS MICROFINANCE MONOPOLY MORTGAGE MORTGAGE COMPANY MULTINATIONAL CORPORATION NATIONAL INCOME NATURAL MONOPOLIES NEW MARKET NEW PRODUCTS OIL OVERHEAD COSTS PENSION POLICY MAKERS PORTFOLIO PRICE DIFFERENCES PRICE FIXING PRIMARY MARKET PRIVATE EQUITY PRIVATE SAVING PRIVATIZATION PRODUCTION TECHNOLOGY PRODUCTIVITY GROWTH PUBLIC DEBT PUBLIC SAVING RAPID DEVELOPMENT REAL ESTATE REAL GROWTH RATE RECYCLING REGULATOR REGULATORS REGULATORY AUTHORITY REGULATORY FRAMEWORK REGULATORY RESTRICTIONS RESOURCE ALLOCATION RETAINED EARNINGS SAFETY NET SAVINGS SECURITIES SECURITIES MARKETS SECURITIES REGULATION SECURITY INTEREST SHAREHOLDER SKILL SHORTAGES SKILLED WORKERS SMALL COUNTRY SOLAR GENERATION STOCK MARKET STOCK MARKET CAPITALIZATION SUSTAINABILITY ANALYSIS TAX TAX REVENUE TAX TREATMENT TECHNICAL ASSISTANCE TRANSPARENCY TURNOVER UNEMPLOYMENT URBAN DEVELOPMENT VALUE ADDED VERTICAL INTEGRATION VOLATILITY WELFARE GAINS WORKING CAPITAL WORLD DEVELOPMENT INDICATORS WORLD MARKETS WORLD TRADE WORLD TRADE ORGANIZATION WTO
Online Access:	http://documents.worldbank.org/curated/en/2013/04/18042068/armenia-accumulation-competition-connectivity http://hdl.handle.net/10986/16032

Description
Summary:	By 2013, the Armenian economy has left behind most of the hangover from the global financial crisis and a look at medium-to long-term growth drivers is therefore in order. Real Gross Domestic Product (GDP) growth reached 7.2 percent in 2012, and the current account deficit narrowed, although it remained high. Macroeconomic buffers have been rebuilt to some extent, although the public debt-to-GDP ratio, at 44 percent, remains too high to relax fiscal restraints. The central tenet of this report is that the government's job creation agenda requires a different growth model than the one followed before the global crisis. Reaching the goals of the government's strategy will require a combination of four factors: 1) higher investment and better financial intermediation between savers and investors; 2) better utilization of the labor force, including the largely untapped resource of Armenians abroad; 3) stronger competitive pressures in the markets for goods and services, which will improve incentives for companies to innovate, adopt new technologies, and become more efficient; and 4) enhanced connections of the landlocked Armenian economy with world markets, including through land, air, and through internet and communication technologies. This report's theoretical framework emphasizes structural reforms to drive growth. Economic growth theory distinguishes between accumulation of the factors of production and enhancing the productivity with which these factors are employed.

Republic of Armenia : Accumulation, Competition, and Connectivity

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