Future Armenia : Connect, Compete, Prosper
Since its independence in 1991 and until prior to the global financial crisis (GFC) in 2008-09, Armenia was considered an important success story among the transition economies. Indeed, over several years, the country displayed a record of sustaine...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2018
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| Online Access: | http://documents.worldbank.org/curated/en/716961524493794871/Future-Armenia-connect-compete-prosper http://hdl.handle.net/10986/29791 |
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okr-10986-297912021-05-25T09:14:22Z Future Armenia : Connect, Compete, Prosper World Bank Group SMALL AND MEDIUM-SIZED ENTERPRISES INCLUSIVE GROWTH TAX ADMINISTRATION FISCAL TRENDS ECONOMIC GROWTH POVERTY REDUCTION SHARED PROSPERITY CURRENT ACCOUNT DEFICIT EXPORT COMPETITIVENESS EXTERNAL SECTOR PRIVATE SECTOR DEVELOPMENT FIRM PRODUCTIVITY INVESTMENT CLIMATE BUSINESS ENVIRONMENT GOVERNANCE COMPETITION POLICY MARKET ACCESS FINANCIAL INCLUSION LABOR MARKET HUMAN CAPITAL LABOR PRODUCTIVITY EDUCATION LABOR SKILLS SKILLS DEVELOPMENT VOCATIONAL EDUCATION ENVIRONMENTAL SUSTAINABILITY RESILIENCE RISKS ACCESS TO FINANCE FINANCIAL INCLUSION SOCIAL PROTECTION CLIMATE CHANGE NATURAL RESOURCE MANAGEMENT CONNECTIVITY MIGRATION TRADE POLICY Since its independence in 1991 and until prior to the global financial crisis (GFC) in 2008-09, Armenia was considered an important success story among the transition economies. Indeed, over several years, the country displayed a record of sustained macroeconomic achievements, reflected in high growth, economic stability, low inflation, and modest deficits and external debt, as well as falling poverty rates and shrinking income disparities. This Systematic Country Diagnostic (SCD) identifies four challenges for Armenia to reinvigorate inclusive growth and resilience. First, with far less supportive external circumstances, reigniting economic growth calls for asearch for new drivers and the rebalancing of growth toward the tradable sectors. Against this backdrop, the country’s low export performance and limited global multi-connectivity caused by high trade and transport facilitation costs are the first challenges to be addressed. Second, insufficient private sector productivity stands in the way of both higher growth and job creation. Firms, as the productive engines of the economy, appear constrained in their ability to lift productivity reforms, limited competition, and the need to deepen further financial development. Third, poverty reduction and shared prosperity, that is, the transmission of aggregate growth to individual wellbeing and poverty reduction, also seems constrained by labor market challenges: labor resources are shrinking, labor-force participation is low, and the country has one of the lowest employment and highest unemployment rates in the Europe and Central Asia (ECA) region, whileworkers’ productivity has fallen. Learning outcomes seem to lag demand, both in terms of the level and type of skills that are sought by the market. Declining labor resources are compounded by low women participation in the labor market. Fourth, key vulnerabilities at the macroeconomic, environmental, and microeconomic levels are faced by Armenia in its quest for poverty reduction and shared prosperity. Armenia’s aging population will have a significant impact on health spending and on the pension system, and could, if not addressed, have major implications in terms of fiscal sustainability and poverty. 2018-05-08T15:42:10Z 2018-05-08T15:42:10Z 2017-11 Report http://documents.worldbank.org/curated/en/716961524493794871/Future-Armenia-connect-compete-prosper http://hdl.handle.net/10986/29791 English Systematic Country Diagnostic; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Systematic Country Diagnostic Europe and Central Asia Armenia |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
SMALL AND MEDIUM-SIZED ENTERPRISES INCLUSIVE GROWTH TAX ADMINISTRATION FISCAL TRENDS ECONOMIC GROWTH POVERTY REDUCTION SHARED PROSPERITY CURRENT ACCOUNT DEFICIT EXPORT COMPETITIVENESS EXTERNAL SECTOR PRIVATE SECTOR DEVELOPMENT FIRM PRODUCTIVITY INVESTMENT CLIMATE BUSINESS ENVIRONMENT GOVERNANCE COMPETITION POLICY MARKET ACCESS FINANCIAL INCLUSION LABOR MARKET HUMAN CAPITAL LABOR PRODUCTIVITY EDUCATION LABOR SKILLS SKILLS DEVELOPMENT VOCATIONAL EDUCATION ENVIRONMENTAL SUSTAINABILITY RESILIENCE RISKS ACCESS TO FINANCE FINANCIAL INCLUSION SOCIAL PROTECTION CLIMATE CHANGE NATURAL RESOURCE MANAGEMENT CONNECTIVITY MIGRATION TRADE POLICY |
| spellingShingle |
SMALL AND MEDIUM-SIZED ENTERPRISES INCLUSIVE GROWTH TAX ADMINISTRATION FISCAL TRENDS ECONOMIC GROWTH POVERTY REDUCTION SHARED PROSPERITY CURRENT ACCOUNT DEFICIT EXPORT COMPETITIVENESS EXTERNAL SECTOR PRIVATE SECTOR DEVELOPMENT FIRM PRODUCTIVITY INVESTMENT CLIMATE BUSINESS ENVIRONMENT GOVERNANCE COMPETITION POLICY MARKET ACCESS FINANCIAL INCLUSION LABOR MARKET HUMAN CAPITAL LABOR PRODUCTIVITY EDUCATION LABOR SKILLS SKILLS DEVELOPMENT VOCATIONAL EDUCATION ENVIRONMENTAL SUSTAINABILITY RESILIENCE RISKS ACCESS TO FINANCE FINANCIAL INCLUSION SOCIAL PROTECTION CLIMATE CHANGE NATURAL RESOURCE MANAGEMENT CONNECTIVITY MIGRATION TRADE POLICY World Bank Group Future Armenia : Connect, Compete, Prosper |
| geographic_facet |
Europe and Central Asia Armenia |
| relation |
Systematic Country Diagnostic; |
| description |
Since its independence in 1991 and until
prior to the global financial crisis (GFC) in 2008-09,
Armenia was considered an important success story among the
transition economies. Indeed, over several years, the
country displayed a record of sustained macroeconomic
achievements, reflected in high growth, economic stability,
low inflation, and modest deficits and external debt, as
well as falling poverty rates and shrinking income
disparities. This Systematic Country Diagnostic (SCD)
identifies four challenges for Armenia to reinvigorate
inclusive growth and resilience. First, with far less
supportive external circumstances, reigniting economic
growth calls for asearch for new drivers and the rebalancing
of growth toward the tradable sectors. Against this
backdrop, the country’s low export performance and limited
global multi-connectivity caused by high trade and transport
facilitation costs are the first challenges to be addressed.
Second, insufficient private sector productivity stands in
the way of both higher growth and job creation. Firms, as
the productive engines of the economy, appear constrained in
their ability to lift productivity reforms, limited
competition, and the need to deepen further financial
development. Third, poverty reduction and shared prosperity,
that is, the transmission of aggregate growth to individual
wellbeing and poverty reduction, also seems constrained by
labor market challenges: labor resources are shrinking,
labor-force participation is low, and the country has one of
the lowest employment and highest unemployment rates in the
Europe and Central Asia (ECA) region, whileworkers’
productivity has fallen. Learning outcomes seem to lag
demand, both in terms of the level and type of skills that
are sought by the market. Declining labor resources are
compounded by low women participation in the labor market.
Fourth, key vulnerabilities at the macroeconomic,
environmental, and microeconomic levels are faced by Armenia
in its quest for poverty reduction and shared prosperity.
Armenia’s aging population will have a significant impact on
health spending and on the pension system, and could, if not
addressed, have major implications in terms of fiscal
sustainability and poverty. |
| format |
Report |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Future Armenia : Connect, Compete, Prosper |
| title_short |
Future Armenia : Connect, Compete, Prosper |
| title_full |
Future Armenia : Connect, Compete, Prosper |
| title_fullStr |
Future Armenia : Connect, Compete, Prosper |
| title_full_unstemmed |
Future Armenia : Connect, Compete, Prosper |
| title_sort |
future armenia : connect, compete, prosper |
| publisher |
World Bank, Washington, DC |
| publishDate |
2018 |
| url |
http://documents.worldbank.org/curated/en/716961524493794871/Future-Armenia-connect-compete-prosper http://hdl.handle.net/10986/29791 |
| _version_ |
1764470252028035072 |