Armenia : Implications of the Global Economic Crisis for Poverty

The global economic crisis seriously threatens the economic growth and poverty reduction that Armenia achieved in recent years. The most recent data indicate that the economy is now shrinking, with prospects worsening in 2009 and 2010 when the full...

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Bibliographic Details
Main Author:	World Bank
Format:	Other Poverty Study
Language:	English
Published:	World Bank 2012
Subjects:	ABSOLUTE POVERTY ACCOUNTING AGGREGATE POVERTY AGRICULTURAL EMPLOYMENT AGRICULTURAL OUTPUT AGRICULTURAL SECTOR ASSET VALUES BALANCE OF PAYMENTS BANKING SECTOR BENEFICIARIES CAPITAL FLOWS CAPITAL INFLOWS CENTRAL BANK CHANGES IN POVERTY CHECKS COMMERCIAL BANKS COMMODITY PRICES CONSUMER GOODS CONSUMER PRICE INDEX CONSUMPTION BASKET CONSUMPTION GROWTH COUNTRY LEVEL CREDIT MARKET CREDIT MARKETS DATA AVAILABILITY DEVALUATION DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT INDICATORS DEVELOPMENT REPORT DEVELOPMENT RESEARCH DOMESTIC CREDIT ECONOMIC CONDITIONS ECONOMIC DOWNTURNS ECONOMIC GROWTH ECONOMIC SHOCKS ECONOMICS LETTERS EDUCATIONAL ATTAINMENT EMPLOYMENT OPPORTUNITIES EXCHANGE RATE EXCHANGE RATES EXPORT MARKETS EXTREME POVERTY EXTREME POVERTY LINE FAMILY INCOMES FAMILY MEMBERS FINANCES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL SHOCK FOOD PRICES FOREIGN BANKS FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN FINANCIAL INSTITUTIONS FOREIGN INVESTMENT GOVERNMENT REVENUES GROWTH ELASTICITY GROWTH PROCESS GROWTH PROSPECTS GROWTH RATE GROWTH RATES HEADCOUNT POVERTY HIGH INEQUALITY HIGH INEQUALITY DEVELOPMENT COUNTRIES HOST COUNTRIES HOUSEHOLD CONSUMPTION HOUSEHOLD DATA HOUSEHOLD HEAD HOUSEHOLD INCOME HOUSEHOLD LEVEL DATA HOUSEHOLD LIVING STANDARDS HOUSEHOLD SURVEY HOUSEHOLD WELFARE HOUSING HUMAN DEVELOPMENT IMPACT ON POVERTY INCIDENCE OF POVERTY INDUSTRIAL SECTOR INEQUALITY INEQUALITY RELATIONSHIP INFLATION INSURANCE INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INVESTMENT ACTIVITIES LABOR MARKET LABOR MARKET PROGRAMS LABOR MARKETS LIVING STANDARD LOANS TO COUNTRIES LOCAL CURRENCY LOW-INCOME COUNTRIES MACROECONOMIC DATA MEAN INCOME MIGRANT LABOR MONETARY FUND MONEY TRANSFERS NATIONAL ACCOUNTS NATIONAL POVERTY NEGATIVE EFFECT NUTRITION OUTPUT GROWTH OUTREACH CAMPAIGNS PENSIONS PER CAPITA CONSUMPTION POLICY MAKERS POLICY RESEARCH POLICY RESPONSES POOR POOR COMMUNITIES POOR FAMILIES POOR HOUSEHOLD POOR HOUSEHOLDS POOR PEOPLE POOR POPULATION POPULATION GROUP POVERTY ASSESSMENT POVERTY DECLINE POVERTY ESTIMATES POVERTY GAP POVERTY IMPACT POVERTY INCIDENCE POVERTY INCREASE POVERTY INCREASES POVERTY INDICES POVERTY LEVELS POVERTY LINE POVERTY LINES POVERTY LINKAGES POVERTY MEASURES POVERTY PROFILE POVERTY RATES POVERTY REDUCTION POVERTY SEVERITY POVERTY STATUS POVERTY THRESHOLD PRICE CHANGE PRICE CHANGES PRIVATE CAPITAL PRIVATE TRANSFERS PRO-POOR PROGRAMMATIC POVERTY ASSESSMENT PUBLIC SPENDING PUBLIC WORKS PUBLIC WORKS PROGRAMS PURCHASING POWER REDUCTION IN POVERTY REFORM EFFORTS REFORM PROGRAMS REGIONAL AVERAGE RELATIVE PRICES REMITTANCE REMITTANCES RETURNS RISK MANAGEMENT RURAL RURAL AREAS SAFETY NET SAFETY NET PROGRAMS SAVINGS SCHOOL ATTENDANCE SECTORAL COMPOSITION SOCIAL PROTECTION SOCIAL SAFETY NETS SUBSISTENCE TARGETING TAX TOTAL POVERTY TOTAL POVERTY LINE TRADING TRANSACTION TRANSACTION COSTS UNEMPLOYMENT URBAN AREAS URBAN WORKERS VULNERABLE HOUSEHOLDS
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20091022233344 http://hdl.handle.net/10986/3119

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Summary:	The global economic crisis seriously threatens the economic growth and poverty reduction that Armenia achieved in recent years. The most recent data indicate that the economy is now shrinking, with prospects worsening in 2009 and 2010 when the full impact of the crisis is expected to unfold. These developments are a setback for Armenia after a decade of nearly double-digit growth and substantial poverty reduction. Depending on the depth of the crisis in Armenia, in its main trading partners, and in its migrant workers' host countries, and depending on the effectiveness of policy responses, the crisis could have a protracted negative effect on Armenians' living standards. The economic downturn, coming on the heels of the food and fuel price increases last year, will have particularly difficult consequences for the poor and vulnerable who have limited coping means to deal with these successive shocks. The note identifies the main channels of transmission to households of the current global economic crisis and estimates its potential impact on poverty in Armenia. Given uncertainties regarding the scale of the crisis and how households are likely to cope, the note is intended to provide indicative estimates of the poverty impact of the crisis, rather than precise estimates. These estimates are made by simulating the effects of the anticipated slowdown on household consumption using data from the 2007 Integrated Living Conditions Survey (ILCS). The key messages that come out of the analysis are that the crisis will have potentially serious implications for poverty and that this calls for significant responses by the Government of Armenia and its development partners. The government is taking a number of steps to provide protection to the poor, including the protection of public spending on social protection and other pro-poor programs and to improve the targeting efficiency of the programs. These measures should help lessen the impact of the crisis on the poor and the vulnerable.

Armenia : Implications of the Global Economic Crisis for Poverty

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