World Bank2015-07-212015-07-212015-06https://hdl.handle.net/10986/22273The lessons learned from the implications of the global crisis for the Armenian economy led the Government of Armenia to refine its approach to economic development policy. The business environment, the market structure, and the incentive pattern had not fostered reallocation of resources into more productive areas or the emergence of internationally competitive products and services. Despite numerous initiatives and multiple efforts, there was no holistic approach or actionable roadmap for supporting private sector development. The pressing need to restore economic growth despite a small domestic market led the Armenian government to search for new sources of growth in export-oriented industries. At the end of 2011, the Government of Armenia adopted its export-led industrial development strategy. The strategy set as targets improving the general business environment and sector-specific initiatives to address market failures and expand exports. The strategy builds on both a general (crosscutting) and an industry-customized toolset.en-USCC BY 3.0 IGOTARIFFSRISKSCAPITAL MARKETSREGULATORY FRAMEWORKFISHECONOMIC GROWTHPRODUCTIONPOLICY ENVIRONMENTMARKET DISTORTIONSINCOMEINTERESTECONOMIC CONSEQUENCESPRODUCERSINTEREST RATEPROPERTY RIGHTSFINANCIAL RESOURCESGDP PER CAPITAMACROECONOMIC POLICYRESOURCE ALLOCATIONLABOR FORCEEXPORTSPOLITICAL ECONOMYREVENUESECONOMIC STRUCTUREPORTFOLIOBONDSINCENTIVESMARKET INSTRUMENTSCAPACITY BUILDINGEQUILIBRIUMMODELSMERGERSPRIVATE PROPERTYINPUTSSUSTAINABLE DEVELOPMENTWEALTHOLIGOPOLYDEVELOPED COUNTRIESCENTRAL BANKECONOMIC ACTIVITYDEVELOPMENTEXPLOITATIONSAVINGSARABLE LANDTECHNICAL ASSISTANCEECONOMIC MECHANISMSCOSTSOILCROWDING OUTEXPORT GROWTHNATURAL CAPITALCAPITAL FORMATIONDEVELOPMENT STRATEGIESFIXED COSTSEXCHANGE RATESPRODUCTIVITYOPTIONSINTEREST RATESEXTERNALITIESFAILURESCRITERIADEBTMARKETSDISEQUILIBRIUMPRODUCTION TECHNOLOGYFORESTRYINCOME LEVELSREAL INTEREST RATENATURAL RESOURCESGROSS DOMESTIC PRODUCTMETALSSUBSIDIESCERTAIN EXTENTEFFICIENCYFOOD PRODUCTIONTAXESOPTION VALUERESOURCESUNEMPLOYMENTPOTENTIAL INVESTORSEQUITYPRODUCTIVITY GROWTHGROSS FIXED CAPITAL FORMATIONHUMAN CAPITALVALUE ADDEDECONOMIC IMPACTCAPITALWAGESTRANSPARENCYVALUESECONOMIC RESOURCESCOMPLIANCE COSTSMARKET PRICESVALUEECONOMIC VALUECOMPETITIVENESSCREDITTREASURY BILLSQUALITY STANDARDSDEVELOPMENT STRATEGYPATENTSDEMANDMINESSUSTAINABLE GROWTHECONOMIES OF SCOPEAGRICULTURECONSUMERSECONOMYEXPENDITURESPUBLIC GOVERNANCEPROPERTYCORPORATE TAXESTAX RATESASSETSENVIRONMENTT-BILLSBENCHMARKECONOMIC COMPETITIVENESSECONOMICSMARKET COMPETITIONTAX REVENUEOVERHEAD COSTSECONOMIC DEVELOPMENTTRADEGDPGOODSLANDECONOMIES OF SCALEGROWTH RATEECONOMIC EXPANSIONINVESTMENTGROWTH POLICYCOMMERCIAL BANKSCOMPARATIVE ADVANTAGEPUBLIC PARTICIPATIONCOALCOMPETITIVE ADVANTAGEECONOMIC INITIATIVESMARKET POWERREVENUEHIGH UNEMPLOYMENTSCIENTIFIC RESEARCHRECYCLINGGROWTH POLICIESDEVELOPMENT AGENCYPROFITSPOLICY INSTRUMENTSENVIRONMENTALOUTCOMESFINANCIAL SECTORGROWTH POTENTIALPRICESNEGATIVE EXTERNALITIESCONSUMER PROTECTIONECONOMIESDEVELOPMENT POLICYCOMPETITIONReportWorld Bank10.1596/22273