Europe and Central Asia Knowledge Brief

67 items available

Permanent URI for this collection

This is a regular series of notes highlighting recent analyses, good practices, and lessons learned from the development work program of the World Bank’s Europe and Central Asia Region.

Items in this collection

Now showing 1 - 3 of 3
  • Publication
    Capital Expenditures : Making Public Investment Work for Competitiveness and Inclusive Growth in Moldova
    (World Bank, Washington, DC, 2014-06) Coulibaly, Karen Stephanie; Diagne, Mame Fatou
    Moldova faces the challenge of meeting considerable public investment needs while preserving fiscal sustainability. With a rapidly aging population, high emigration, structural imbalances, and vulnerability to external shocks, Moldova will need to raise investment, productivity, and exports in order to achieve sustained growth and competitiveness. The World Bank's recently published Moldova public expenditure review (PER) focuses on capital expenditures and recommends reforms in public investment management and sector policies to raise cost effectiveness and allocative efficiency. Analyses for the PER were conducted using the BOOST public expenditure database developed by the World Bank. It provides recommendations for improving effectiveness and to enhance Moldova's competitiveness and achieve sustained inclusive economic growth.
  • Publication
    Diamond Production and Processing : What Armenia can Learn from an Intra-Regional Exchange on the Diamond Trade
    (World Bank, Washington, DC, 2012-04) Grigorian, Karén
    There is a growing gap worldwide between the rising demand and stagnating supply of diamonds, producing new opportunities for diamond processing countries such as Armenia. Building productive capacity through skills development and technological progress is of central importance to achieving sustainable growth in diamond manufacturing countries. Secondary diamond industries are successful where economic and social conditions are optimal and supportive. To develop or maintain a competitive edge in diamond cutting and jewelry manufacture, all countries in the diamond trade need to constantly develop their human resources. For diamond producers as well as processors like Armenia, investment in product branding is worthwhile, and the promotion of a diamond-based tourism may also be viable.
  • Publication
    Fiscal Consolidation and Recovery in Armenia
    (World Bank, Washington, DC, 2012-02) Coulibaly, Souleymane
    Armenia's strong economic growth from 2001-2008, when real gross domestic product (GDP) grew 12.6 percent per year on average, boosted living standards and created the fiscal headroom necessary for the Government to respond to the 2009 financial crisis with a large fiscal stimulus. As a result, the fiscal deficit reached 7.6 percent in 2009 and helped limit the contraction in real GDP to 14 percent. With the economy growing again, the stimulus has to be gradually withdrawn. However, the retrenchment will need to be designed carefully to limit negative impact on growth. Improving the efficiency of all aspects of public finances - tax policy, tax administration, and public expenditures - will be crucial to the planned fiscal adjustment. With the ratio of tax revenues to GDP lower than that of comparator countries with similar levels of income per capita, the brunt of the fiscal consolidation should be borne by an increase in tax revenues (the lower bound estimated to be between 2.3 and 5.8 percent of GDP).