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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Main Author: World Bank
Format: Report
Language:English
en_US
Published: World Bank, Washington, DC 2017
Subjects:
Online Access:http://documents.worldbank.org/curated/en/473441486549522400/Armenia-looking-for-more-dynamism
http://hdl.handle.net/10986/26057
id okr-10986-26057
recordtype oai_dc
spelling okr-10986-260572021-04-23T14:04:33Z Armenia Economic Report, Spring 2014 : Looking for More Dynamism World Bank ECONOMIC GROWTH SOCIETY SUSTAINABLE GROWTH ANALYSIS FINANCE POLICY economic outlook trade inflation labor market poverty fiscal policy monetary policy fiscal trends risks 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. 2017-02-13T23:13:03Z 2017-02-13T23:13:03Z 2014-03 Report http://documents.worldbank.org/curated/en/473441486549522400/Armenia-looking-for-more-dynamism http://hdl.handle.net/10986/26057 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work Europe and Central Asia Armenia
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic ECONOMIC GROWTH
SOCIETY
SUSTAINABLE GROWTH
ANALYSIS
FINANCE
POLICY
economic outlook
trade
inflation
labor market
poverty
fiscal policy
monetary policy
fiscal trends
risks
spellingShingle ECONOMIC GROWTH
SOCIETY
SUSTAINABLE GROWTH
ANALYSIS
FINANCE
POLICY
economic outlook
trade
inflation
labor market
poverty
fiscal policy
monetary policy
fiscal trends
risks
World Bank
Armenia Economic Report, Spring 2014 : Looking for More Dynamism
geographic_facet Europe and Central Asia
Armenia
description 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.
format Report
author World Bank
author_facet World Bank
author_sort World Bank
title Armenia Economic Report, Spring 2014 : Looking for More Dynamism
title_short Armenia Economic Report, Spring 2014 : Looking for More Dynamism
title_full Armenia Economic Report, Spring 2014 : Looking for More Dynamism
title_fullStr Armenia Economic Report, Spring 2014 : Looking for More Dynamism
title_full_unstemmed Armenia Economic Report, Spring 2014 : Looking for More Dynamism
title_sort armenia economic report, spring 2014 : looking for more dynamism
publisher World Bank, Washington, DC
publishDate 2017
url http://documents.worldbank.org/curated/en/473441486549522400/Armenia-looking-for-more-dynamism
http://hdl.handle.net/10986/26057
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