Armenia Economic Report, October 2013 : Stronger Structural Reforms Needed to Offset Macroeconomic Risks
This economic report records the economic activities of Armenia for the year 2013. A steep decline in construction caused economic growth to weaken to 0.6 percent in the second quarter of 2013 (year-on-year) from 7.5 percent in the first quarter an...
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World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/216721486641176068/Armenia-Stronger-structural-reforms-needed-to-offset-macroeconomic-risks http://hdl.handle.net/10986/26118 |
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okr-10986-261182021-04-23T14:04:33Z Armenia Economic Report, October 2013 : Stronger Structural Reforms Needed to Offset Macroeconomic Risks World Bank economic growth economic outlook trade labor market fiscal policy monetary policy macroeconomic policy fiscal trends structural reforms risk This economic report records the economic activities of Armenia for the year 2013. A steep decline in construction caused economic growth to weaken to 0.6 percent in the second quarter of 2013 (year-on-year) from 7.5 percent in the first quarter and 7.2 percent in 2012 as a whole. Developments of the current account were more favorable than expected earlier. The volume of metal exports rose substantially, more than offsetting lower international prices for copper and remittances remained high despite the slowdown of economic growth in Russia. For a third year in a row, fiscal policy is likely to be tighter because of lower than budgeted capital spending. This outcome reflects delays in the North-South corridor infrastructure project. With continued sluggish growth expected in Armenia’s main trading partners, including Russia and the European Union (EU), we project growth of about 4–5 percent a year over the medium term. Armenia’s authorities recognize the need to improve the business environment and competitiveness. The government’s medium-term reform agenda, supported by a new Development Policy Operation from the World Bank, reflects these priorities. It includes critical business climate and public administration reforms, aimed at strengthening competitiveness and public sector efficiency. These are expected to contribute to job creation through 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 within and outside Armenian borders. 2017-02-22T16:36:35Z 2017-02-22T16:36:35Z 2013-10 Report http://documents.worldbank.org/curated/en/216721486641176068/Armenia-Stronger-structural-reforms-needed-to-offset-macroeconomic-risks http://hdl.handle.net/10986/26118 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 |
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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 economic outlook trade labor market fiscal policy monetary policy macroeconomic policy fiscal trends structural reforms risk |
| spellingShingle |
economic growth economic outlook trade labor market fiscal policy monetary policy macroeconomic policy fiscal trends structural reforms risk World Bank Armenia Economic Report, October 2013 : Stronger Structural Reforms Needed to Offset Macroeconomic Risks |
| geographic_facet |
Europe and Central Asia Armenia |
| description |
This economic report records the
economic activities of Armenia for the year 2013. A steep
decline in construction caused economic growth to weaken to
0.6 percent in the second quarter of 2013 (year-on-year)
from 7.5 percent in the first quarter and 7.2 percent in
2012 as a whole. Developments of the current account were
more favorable than expected earlier. The volume of metal
exports rose substantially, more than offsetting lower
international prices for copper and remittances remained
high despite the slowdown of economic growth in Russia. For
a third year in a row, fiscal policy is likely to be tighter
because of lower than budgeted capital spending. This
outcome reflects delays in the North-South corridor
infrastructure project. With continued sluggish growth
expected in Armenia’s main trading partners, including
Russia and the European Union (EU), we project growth of
about 4–5 percent a year over the medium term. Armenia’s
authorities recognize the need to improve the business
environment and competitiveness. The government’s
medium-term reform agenda, supported by a new Development
Policy Operation from the World Bank, reflects these
priorities. It includes critical business climate and public
administration reforms, aimed at strengthening
competitiveness and public sector efficiency. These are
expected to contribute to job creation through 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 within and outside
Armenian borders. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Armenia Economic Report, October 2013 : Stronger Structural Reforms Needed to Offset Macroeconomic Risks |
| title_short |
Armenia Economic Report, October 2013 : Stronger Structural Reforms Needed to Offset Macroeconomic Risks |
| title_full |
Armenia Economic Report, October 2013 : Stronger Structural Reforms Needed to Offset Macroeconomic Risks |
| title_fullStr |
Armenia Economic Report, October 2013 : Stronger Structural Reforms Needed to Offset Macroeconomic Risks |
| title_full_unstemmed |
Armenia Economic Report, October 2013 : Stronger Structural Reforms Needed to Offset Macroeconomic Risks |
| title_sort |
armenia economic report, october 2013 : stronger structural reforms needed to offset macroeconomic risks |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/216721486641176068/Armenia-Stronger-structural-reforms-needed-to-offset-macroeconomic-risks http://hdl.handle.net/10986/26118 |
| _version_ |
1764460995582885888 |