Armenia : Growth Challenges and Government Policies, Volume 2. Main Report
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Washington, DC
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This report reviews growth trends in
Armenia for the period 1994-2000, outlines major weaknesses
of existing development patterns, and suggests a package of
policy recommendations designed to accelerate enterprise
restructuring, attract investment, and encourage the
creation of new businesses in the medium term (three to five
years). Such steps are needed to systain (and preferably to
increase) the current growth rates, to stop emigration among
the young and skilled, and to reduce poverty. The government
needs to focus much more clearly on generating the
environment for private sector led growth by removing
bottlenecks in policies, infrastructure, and institutions
that prevent new private businesses from flourishing.
International aid donors can help by supporting the removal
of administrative barriers for investments, the
rehabilitation of infrastructure, and the creation of
"restructuring agencies" that will enable firms in
key sectors to overcome or avoid common constraints to
business growth in Armenia. Successful restructuring by such
firms should have a demonstration effect on the
country's economy and help consolidate public support
for moving forward the program of reform begun a decade ago.
Palabras clave
GOVERNMENT POLICY, BUSINESS ENVIRONMENT, PRIVATE SECTOR DEVELOPMENT, INTERNATIONAL AID, INTERNATIONAL AID, RESTRUCTURING, PRIVATE INVESTMENTS, INFORMAL SECTOR, GOVERNMENT EMPLOYEES, ENTERPRISE RESTRUCTURING, ENTREPRENEURS, SMALL & MEDIUM SCALE ENTERPRISES, PUBLIC ENTERPRISES, LIQUIDATION, BANKRUPTCY, CORPORATE GOVERNANCE, RECOMBINATION, FAMILY PRODUCTION UNIT, MICROENTERPRISES, STAGNATION (ECONOMICS), BORROWING COSTS, DEREGULATION, LAND MARKETS, PUBLIC SERVICES, LICENCES, TAX SIMPLIFICATION, TAX ADMINISTRATION, CUSTOMS ADMINISTRATION ADMINISTRATIVE BARRIERS, AGRICULTURE, ANNUAL GROWTH, BANKRUPTCY, BUDGET CONSTRAINT, BUDGET DEFICIT, BUDGET DEFICITS, BUSINESS ENVIRONMENT, CENTRAL BANK, COMPARATIVE ADVANTAGES, COMPARATIVE ANALYSIS, COMPETITIVENESS, CONSUMER GROUPS, CONSUMER PRICE INDEX, CORPORATE GOVERNANCE, CPI, CURRENCY APPRECIATION, DEBT, DEFICIT FINANCING, DEREGULATION, DEVALUATION, DIRECT INVESTMENT, DOMESTIC INFLATION, ECONOMIC ACTIVITIES, ECONOMIC ACTIVITY, ECONOMIC COOPERATION, ECONOMIC DEVELOPMENT, ECONOMIC EXPANSION, ECONOMIC GROWTH, ECONOMIC THEORY, EDUCATED PEOPLE, ELECTRICITY DEMAND, ENERGY CONSUMPTION, EXCHANGE RATE, EXPORT GROWTH, EXPORT PROMOTION, EXPORTS, EXTERNAL SOURCES, FINANCIAL CRISIS, FINANCIAL DEPTH, FINANCIAL SECTOR, FISCAL ADJUSTMENT, FISCAL BALANCE, FISCAL DEFICIT, FOREIGN EXCHANGE, FOREIGN EXCHANGE REGIME, FOREIGN INVESTORS, FREE TRADE, GDP, GLOBAL ECONOMY, GROSS DOMESTIC PRODUCT, GROWTH PATH, GROWTH PERFORMANCE, GROWTH PROSPECTS, GROWTH RATE, GROWTH RATES, GROWTH THEORY, HIGH GROWTH, HIGH GROWTH RATE, HIGH INEQUALITY, HUMAN CAPITAL, IMPORTS, INCOME, INCOME LEVELS, INEQUALITY, INFLATION, INFLATION RATE, INSTITUTIONAL ARRANGEMENTS, INSTITUTIONAL REFORMS, INSTITUTIONAL WEAKNESSES, INTEREST RATES, INTERNATIONAL RESERVES, LABOR FORCE, LABOR MARKET, LIQUIDITY, LIVING STANDARDS, LOCAL BUSINESS, LOW INFLATION, MACROECONOMIC MANAGEMENT, MACROECONOMIC PERFORMANCE, MACROECONOMIC POLICIES, MACROECONOMIC POLICY, MACROECONOMIC STABILIZATION, MARKET COMPETITION, MEDIUM TERM, MONETARY POLICY, MONETARY SUPPLY, NATURAL ENDOWMENTS, NEGATIVE IMPACT, OIL, PARLIAMENT, PERFORMANCE CATEGORIES, POLICY PACKAGE, POLICY REFORMS, POVERTY REDUCTION, PRICE CHANGES, PRIME MINISTER, PRIVATE SECTOR DEVELOPMENT, PRODUCTIVITY, PUBLIC ASSISTANCE, PUBLIC DEBT, PUBLIC EXPENDITURES, PUBLIC SECTOR, PURCHASING POWER, PURCHASING POWER PARITY, REAL EXCHANGE RATE, REAL EXCHANGE RATES, REAL GDP, REAL GROWTH, REAL INTEREST RATES, REFORM PROGRAM, SECTORAL POLICIES, SHARP REDUCTION, SIGNIFICANT REDUCTIONS, SOCIAL PROTECTION, STABILIZATION POLICIES, STRUCTURAL ADJUSTMENT, SUSTAINABLE GROWTH, TIGHT MONETARY POLICY, TRADE REGIME, TRANSITION ECONOMIES, TRANSPARENCY, TREASURY BILLS, UNEMPLOYMENT, VALUE ADDED, VOTERS, WAGES, WHOLESALE PRICES, WORLD TRADE ORGANIZATION, WTO