Armenia After the Crisis : Challenges and Opportunities - Policy Forum : Concept Note

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dc.contributor.author
World Bank
en_US
dc.date.accessioned
2013-02-27T17:58:45Z
en_US
dc.date.available
2013-02-27T17:58:45Z
en_US
dc.date.issued
2010-09
en_US
dc.identifier.uri
http://hdl.handle.net/10986/12531
en_US
dc.description.abstract
Armenia has a very small economy that has carried out strong reforms in many areas over the past decade and a half. It grew at a very fast pace prior to the global crisis (about 12 percent on average between 2000 and 2007), in part due to a strong inflow of remittances and Foreign Direct Investment (FDI). But exports (which are highly concentrated around copper, molybdenum, and tourism) stagnated from 2005 when growth in income per-capita continued while exports per capita started to fall-thus the bulk of Gross Domestic Product (GDP) growth was driven by the non-tradable sectors and in particular construction. The country was significantly hit by the global financial crisis with output falling by over 14 percent last year. Looking forward, the country faces a number of significant constraints to its development-among others a complete closure of two of its four borders, which raises transport costs and reduces contestability in local markets. On the other hand, the country's skill base is strong , and some industries are strong or have a very strong potential (tourism, mining, alcoholic products, and agro-businesses). The post-crisis policy package includes - at the macroeconomic level - the introduction of significantly more flexibility of the exchange rate, and the implementation of fiscal stabilization measures. At the micro-level the authorities are promoting expansion of sectors such as Information Technology (IT), tourism and agri-businesses.
en_US
dc.language
English
en_US
dc.language.iso
en_US
en_US
dc.publisher
Washington, DC
en_US
dc.rights
CC BY 3.0 Unported
en_US
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/
en_US
dc.title
Armenia After the Crisis : Challenges and Opportunities - Policy Forum : Concept Note
en_US
okr.identifier.externaldocumentum
000356161_20120603231849
en_US
okr.identifier.internaldocumentum
16320547
en_US
okr.volume
1 of 1
en_US
okr.date.disclosure
2012-06-01
en_US
okr.theme
Public sector governance :: Managing for development results
en_US
okr.theme
Trade and integration :: Export development and competitiveness
en_US
okr.theme
Economic management :: Debt management and fiscal sustainability
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okr.theme
Economic management :: Analysis of economic growth
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okr.sector
Public Administration, Law, and Justice :: General public administration sector
en_US
okr.sector
Industry and trade :: General industry and trade sector
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okr.sector
Energy and mining :: Mining and other extractive
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okr.region.administrative
Europe and Central Asia
en_US
okr.identifier.report
69228
en_US
okr.unit
Poverty Reduction/Econ Mngmt (ECSPE)
en_US
okr.region.country
Armenia
en_US
okr.doctype
Economic & Sector Work :: Country Economic Memorandum
en_US
okr.doctype
Economic & Sector Work
en_US
dc.rights.holder
World Bank
en_US
okr.googlescholar.linkpresent
yes

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