Armenia Economic Report, Spring 2014 : Looking for More Dynamism
This regular economic report records the economic activities of Armenia for the year 2013-2014. A decline in construction contributed to a significant weakening of economic growth in Armenia in 2013. The decline of the construction sector offset a...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/473441486549522400/Armenia-looking-for-more-dynamism http://hdl.handle.net/10986/26057 |
| Summary: | This regular economic report records the
economic activities of Armenia for the year 2013-2014. A
decline in construction contributed to a significant
weakening of economic growth in Armenia in 2013. The decline
of the construction sector offset a dynamic expansion of
industry, agriculture and services. The volume of
merchandise exports rose by 7.2 percent, and net remittances
exceeded 1.5 billion US dollars, a 15-percent increase over
2012. For a third year in a row, the execution of public
capital spending was lower than budgeted. Tax revenues were
in line with the budget because of improved tax
administration, policy measures that expanded the tax base,
and a one-off license fee paid by the fourth mobile phone
operator. Armenia needs to further improve the business
environment and competitiveness, and facilitate FDI and
exports to create well-paying jobs. Some employees objected
to the introduction of the new, funded pension system, and
opposition parties appealed against some legal provisions in
court. The government’s medium-term reform agenda, supported
by the ongoing Development Policy Operation supported by the
World Bank reflects the priorities. It includes critical
reforms to the business climate and public administration
aimed at strengthening competitiveness and increasing public
sector efficiency. These reforms are expected to create jobs
by reducing the costs of doing business for firms, expanding
access to credit to Small and medium enterprises (SMEs), and
increasing opportunities for employment and job creation
through increased trade and connectivity. The public
administration reforms, which aim to strengthen resource
management and policy formulation, will also facilitate more
inclusive access to services as a result of more efficient
use of resources and a sounder policy formulation framework.
The government plans to call a Consultative Group Meeting to
seek donors’ support for upgrading the country’s
competitiveness and addressing the country’s job creation agenda. |
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