Republic of Armenia - Fiscal Consolidation and Recovery : Synthesis Report

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collection.link.98
https://openknowledge.worldbank.org/handle/10986/2206
collection.name.98
Other Public Sector Study
dc.contributor.author
World Bank
dc.date.accessioned
2012-03-19T10:14:04Z
dc.date.available
2012-03-19T10:14:04Z
dc.date.issued
2011-11-01
dc.description.abstract
Armenia's structural reforms since 1999 have led to a strong economic record, including low fiscal deficits and declining public debt over the pre-crisis decade. Between 2001 and 2008 Gross Domestic Product (GDP) grew at an average annual rate of 12 percent and poverty fell from over 50 percent to about 28 percent of the population. Over this period of rapid growth, prudent fiscal management contained fiscal deficits between 0 and 2.5 percent of GDP and helped to reduce public debt from 49 percent to 16 percent of GDP. This fiscal headroom allowed the Government to respond to the crisis with an appropriately large fiscal stimulus. When GDP contracted by more than 14 percent in 2009 and total revenues fell sharply, nominal public spending was increased by 13 percent to shore up the domestic economy and protect the poor and vulnerable. Despite the severity of the crisis, the Government maintained a sound macroeconomic framework while continuing to undertake social protection expenditures to mitigate the impact of the crisis on the most vulnerable people. This was done by securing sizable external financing. The fiscal deficit rose to 7.8 percent of GDP in 2009 and the public debt to GDP ratio rose from 16 percent in 2008 to 40.2 percent. Efforts at fiscal consolidation reduced the fiscal deficit to 5.6 percent of GDP in 2010, but public debt is projected to reach 42 percent of GDP in 2011.The report is in two volumes: a synthesis volume and a background volume. The synthesis volume summarizes the macroeconomic context of Armenia (chapter one), analyzes the recent debt dynamics and its implication for fiscal consolidation (chapter two, then assess the revenue potential the Government can tap (chapter three) while ensuring key growth-sustaining and poverty-reducing expenditures are maintained (chapter four). The background volume provides more details on the assessment of the tax potential of the mining sector (chapter one), and thoroughly analyzes the efficiency of spending on the public sector wage bill (chapter two), health (chapter three) and education (chapter four).
en
dc.identifier
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20111214222114
dc.identifier.uri
http://hdl.handle.net/10986/2807
dc.language
English
dc.publisher
World Bank
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo/
dc.subject
ALLOCATION
dc.subject
ANALYTICAL CAPACITY
dc.subject
ANNUAL RATE
dc.subject
ARREARS
dc.subject
ASSET MANAGEMENT
dc.subject
ASSET VALUE
dc.subject
AUTOMATIC STABILIZERS
dc.subject
BASELINE SCENARIO
dc.subject
BUDGET ALLOCATION
dc.subject
BUDGET CONSTRAINT
dc.subject
BUDGET DEFICITS
dc.subject
CAPITAL EXPENDITURE
dc.subject
CENTRAL BANK
dc.subject
CENTRAL GOVERNMENT
dc.subject
CHECKS
dc.subject
COMPENSATORY POLICY
dc.subject
COMPLIANCE COST
dc.subject
COMPLIANCE COSTS
dc.subject
CONSOLIDATION PROCESS
dc.subject
CONTINGENT LIABILITIES
dc.subject
CORPORATE INCOME TAX
dc.subject
CREDIT FACILITY
dc.subject
CREDITORS
dc.subject
CREDITWORTHINESS
dc.subject
CURRENCY
dc.subject
CURRENT ACCOUNT DEFICIT
dc.subject
DATA COLLECTION
dc.subject
DEBT
dc.subject
DEBT ACCUMULATION
dc.subject
DEBT BURDEN
dc.subject
DEBT DYNAMICS
dc.subject
DEBT LEVEL
dc.subject
DEBT MANAGEMENT
dc.subject
DEBT OBLIGATIONS
dc.subject
DEBT RATIO
dc.subject
DEBT RATIOS
dc.subject
DEBT REDUCTION
dc.subject
DEBT SERVICE
dc.subject
DEBT SERVICING
dc.subject
DEBT SUSTAINABILITY
dc.subject
DEFICIT FINANCING
dc.subject
DEFICIT REDUCTION
dc.subject
DEVELOPMENT BANK
dc.subject
DOMESTIC CURRENCY
dc.subject
DOMESTIC DEBT
dc.subject
DOMESTIC MARKET
dc.subject
ECONOMIC CLASSIFICATION
dc.subject
ECONOMIC CYCLE
dc.subject
ECONOMIC DEVELOPMENT
dc.subject
ECONOMIC GROWTH
dc.subject
ECONOMIC POLICIES
dc.subject
ECONOMIC RECOVERY
dc.subject
ECONOMIC SHOCKS
dc.subject
EDUCATION EXPENDITURES
dc.subject
EDUCATION SPENDING
dc.subject
EDUCATION SYSTEM
dc.subject
EFFICIENCY GAINS
dc.subject
ENFORCEMENT PROCESS
dc.subject
ENTRY BARRIERS
dc.subject
EXCHANGE RATE
dc.subject
EXCHANGE RATE MOVEMENTS
dc.subject
EXPENDITURE
dc.subject
EXPENDITURE ANALYSIS
dc.subject
EXPENDITURE CUTS
dc.subject
EXPENDITURE PRIORITIES
dc.subject
EXPENDITURE RATIONALIZATION
dc.subject
EXPENDITURES
dc.subject
EXTENDED FUND FACILITY
dc.subject
EXTERNAL BORROWING
dc.subject
EXTERNAL DEBT
dc.subject
EXTERNAL DEFICIT
dc.subject
EXTERNAL DEFICITS
dc.subject
EXTERNAL FINANCING
dc.subject
EXTERNAL SHOCKS
dc.subject
FINANCIAL ASSET
dc.subject
FINANCIAL CRISIS
dc.subject
FISCAL AFFAIRS
dc.subject
FISCAL BALANCE
dc.subject
FISCAL CONSOLIDATION
dc.subject
FISCAL DEFICIT
dc.subject
FISCAL DEFICITS
dc.subject
FISCAL FRAMEWORK
dc.subject
FISCAL FRAMEWORKS
dc.subject
FISCAL IMPACT
dc.subject
FISCAL POLICY
dc.subject
FISCAL RETRENCHMENT
dc.subject
FISCAL STANCE
dc.subject
FISCAL SUSTAINABILITY
dc.subject
FOREIGN CURRENCY
dc.subject
FOREIGN DEBT
dc.subject
FOREIGN EXCHANGE
dc.subject
FOREIGN INVESTORS
dc.subject
FORMAL ECONOMY
dc.subject
FRAUD
dc.subject
GLOBAL ECONOMY
dc.subject
GOVERNMENT EMPLOYMENT
dc.subject
GOVERNMENT FINANCE
dc.subject
GOVERNMENT FINANCE STATISTICS
dc.subject
GOVERNMENT FINANCES
dc.subject
GROSS DEBT
dc.subject
GROSS DOMESTIC PRODUCT
dc.subject
HEALTH CARE
dc.subject
HEALTH EXPENDITURE
dc.subject
HEALTH EXPENDITURES
dc.subject
HEALTH OUTCOMES
dc.subject
HEALTH SERVICES
dc.subject
HEALTH SPENDING
dc.subject
HUMAN CAPITAL
dc.subject
HUMAN RESOURCE
dc.subject
IMPLICIT TAX
dc.subject
INCOME LEVELS
dc.subject
INCOME STREAM
dc.subject
INCOME TAX
dc.subject
INDEBTEDNESS
dc.subject
INFLATION
dc.subject
INFORMATION FLOW
dc.subject
INFORMATION SYSTEM
dc.subject
INFRASTRUCTURE EXPENDITURE
dc.subject
INITIAL DEBT
dc.subject
INSTRUMENT
dc.subject
INTEREST PAYMENT
dc.subject
INTEREST PAYMENTS
dc.subject
INTEREST RATES
dc.subject
INTERNATIONAL FINANCE
dc.subject
INTERNATIONAL STANDARDS
dc.subject
LEVEL OF DEBT
dc.subject
LIABILITY
dc.subject
LIQUIDITY
dc.subject
LIQUIDITY PROBLEM
dc.subject
MACROECONOMIC FRAMEWORK
dc.subject
MACROECONOMIC SITUATION
dc.subject
MEDIUM TERM EXPENDITURE
dc.subject
MEDIUM TERM EXPENDITURE FRAMEWORK
dc.subject
MINISTRY OF FINANCE
dc.subject
MONETARY FUND
dc.subject
NATIONAL INCOME
dc.subject
NATURAL RESOURCES
dc.subject
NEGATIVE EXTERNALITIES
dc.subject
NET PRESENT VALUE
dc.subject
OPPORTUNITY COSTS
dc.subject
PENSIONS
dc.subject
PERSONAL INCOME
dc.subject
PERSONAL INCOME TAX
dc.subject
POSSIBILITY OF DEFAULT
dc.subject
POVERTY REDUCTION
dc.subject
POVERTY REDUCTION STRATEGY
dc.subject
POVERTY-REDUCING EXPENDITURES
dc.subject
PRIVATE INVESTMENT
dc.subject
PROGRAMS
dc.subject
PRUDENT FISCAL MANAGEMENT
dc.subject
PUBLIC DEBT
dc.subject
PUBLIC DEBT STOCK
dc.subject
PUBLIC EMPLOYMENT
dc.subject
PUBLIC EXPENDITURE
dc.subject
PUBLIC EXPENDITURE REVIEW
dc.subject
PUBLIC EXPENDITURES
dc.subject
PUBLIC FINANCES
dc.subject
PUBLIC REVENUE
dc.subject
PUBLIC SECTOR
dc.subject
PUBLIC SECTOR DEBT
dc.subject
PUBLIC SERVICE
dc.subject
PUBLIC SERVICES
dc.subject
PUBLIC SPENDING
dc.subject
QUALITY OF EDUCATION
dc.subject
REAL GROWTH
dc.subject
REAL INTEREST
dc.subject
REAL INTEREST RATE
dc.subject
REMITTANCES
dc.subject
REPAYMENT
dc.subject
REPAYMENT CAPACITIES
dc.subject
REPAYMENT CAPACITY
dc.subject
REPAYMENTS
dc.subject
RESERVE
dc.subject
RETURN
dc.subject
RETURNS
dc.subject
REVENUE INCREASES
dc.subject
ROAD MAINTENANCE
dc.subject
ROAD NETWORK
dc.subject
ROAD TRANSPORT
dc.subject
SAFETY NET
dc.subject
SAFETY NETS
dc.subject
SHARE OF INVESTMENTS
dc.subject
SHORT MATURITY
dc.subject
SHORT-TERM DEBT
dc.subject
SMALL BUSINESSES
dc.subject
SOCIAL CONTRIBUTIONS
dc.subject
SOCIAL PROTECTION
dc.subject
SOCIAL PROTECTION EXPENDITURES
dc.subject
SOCIAL SECURITY
dc.subject
SOCIAL WELFARE
dc.subject
SOLVENCY
dc.subject
SOVEREIGN DEBT
dc.subject
STRUCTURAL REFORMS
dc.subject
SUSTAINABILITY ANALYSIS
dc.subject
SUSTAINABLE FISCAL POLICY
dc.subject
TAX
dc.subject
TAX ADMINISTRATION
dc.subject
TAX BASE
dc.subject
TAX CODE
dc.subject
TAX COLLECTION
dc.subject
TAX EXPENDITURE
dc.subject
TAX EXPENDITURES
dc.subject
TAX LAW
dc.subject
TAX PAYMENTS
dc.subject
TAX POLICY
dc.subject
TAX POLICY ANALYSIS
dc.subject
TAX RATE
dc.subject
TAX RATES
dc.subject
TAX REFORM
dc.subject
TAX REGIME
dc.subject
TAX REVENUE
dc.subject
TAX REVENUES
dc.subject
TAX SYSTEM
dc.subject
TAXPAYERS
dc.subject
TOTAL EXPENDITURE
dc.subject
TRADE BALANCE
dc.subject
TURNOVER
dc.subject
TURNOVERS
dc.title
Republic of Armenia - Fiscal Consolidation and Recovery : Synthesis Report
en
okr.date.disclosure
2011-12-13
okr.doctype
Economic & Sector Work :: Other Public Sector Study
okr.docurl
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20111214222114
okr.globalpractice
Macroeconomics and Fiscal Management
okr.globalpractice
Finance and Markets
okr.globalpractice
Governance
okr.globalpractice
Trade and Competitiveness
okr.googlescholar.linkpresent
yes
okr.identifier.externaldocumentum
000333038_20111214222114
okr.identifier.internaldocumentum
15552769
okr.identifier.report
62587
okr.language.supported
en
okr.pdfurl
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2011/12/14/000333038_20111214222114/Rendered/PDF/625870ESW0v10A00disclosed0120130110.pdf
en
okr.region.administrative
Europe and Central Asia
okr.region.country
Armenia
okr.region.geographical
Eastern Europe
okr.region.geographical
Commonwealth of Independent States
okr.region.geographical
Asia
okr.sector
Public Administration
okr.sector
Law
okr.sector
Public Administration, Law, and Justice :: General public administration sector
okr.topic
Public Sector Economics
okr.topic
Macroeconomics and Economic Growth :: Taxation & Subsidies
okr.topic
Finance and Financial Sector Development :: Debt Markets
okr.topic
Public Sector Expenditure Policy
okr.topic
Private Sector Development :: Emerging Markets
okr.topic
Public Sector Development
okr.unit
Poverty Reduction/Econ Mngmt (ECSPE)
okr.volume
1 of 2

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