Growth Challenges and Government Policies in Armenia
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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 sustain (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, FAMILY PRODUCTION UNIT, RECOMBINATION, MICROENTERPRISES, STAGNATION (ECONOMICS), BORROWING COSTS, DEREGULATION, LAND MARKETS, PUBLIC SERVICES, LICENCES, TAX SIMPLIFICATION, TAX ADMINISTRATION, CUSTOMS ADMINISTRATION ADMINISTRATIVE BARRIERS, AGRICULTURE, ASSET MANAGEMENT, BANKING SUPERVISION, BANKRUPTCY, BIRTH RATE, BUDGET CONSTRAINTS, BUDGET DEFICITS, BUSINESS DEVELOPMENT, BUSINESS ENVIRONMENT, CAPITAL MARKETS, CENTRAL BANK, CITIZENS, COMMERCIAL DEBT, COMPARATIVE ADVANTAGE, COMPARATIVE ADVANTAGES, COMPARATIVE ANALYSIS, COMPETITIVENESS, CONSOLIDATION, CONSUMER GROUPS, CONSUMER PRICE INDEX, CORPORATE GOVERNANCE, CPI, DEBT, DEREGULATION, DIRECT INVESTMENT, ECONOMIC ACTIVITY, ECONOMIC COOPERATION, ECONOMIC DEVELOPMENT, ECONOMIC EXPANSION, ECONOMIC GROWTH, ECONOMIC IMPACT, ECONOMIES IN TRANSITION, ELECTRICITY DEMAND, EMIGRATION, ENERGY CONSUMPTION, ENTERPRISE SURVEYS, EXCHANGE RATE, EXCHANGE RATES, EXPORTS, FARMS, FINANCIAL CRISIS, FOREIGN INVESTORS, FREE TRADE, GDP, GOVERNMENT REGULATIONS, GROSS DOMESTIC PRODUCT, GROWTH PERFORMANCE, GROWTH POTENTIAL, GROWTH RATE, GROWTH RATES, GROWTH REGRESSION, GROWTH THEORY, HOUSING, HUMAN CAPITAL, IMPORTS, INCOME, INCOME LEVELS, INFLATION, INSTITUTIONAL FRAMEWORK, INSTITUTIONAL REFORMS, INSTITUTIONAL WEAKNESSES, INTEREST RATES, INTERNATIONAL AID, INTERNATIONAL DEVELOPMENT, INTERNATIONAL RESERVES, LABOR FORCE, LABOR PRODUCTIVITY, LAWS, LEGAL FRAMEWORK, LIQUIDATION, LIQUIDITY, LIVING STANDARDS, LOCAL GOVERNMENTS, MACROECONOMIC CONDITIONS, MANAGERS, MARKET ECONOMIES, MIGRATION, OWNERSHIP STRUCTURE, PERFORMANCE CATEGORIES, POVERTY LINE, PRESENT VALUE, PRICE CHANGES, PRIVATE SECTOR, PRIVATE SECTOR DEVELOPMENT, PRIVATIZATION, PRODUCT MARKETS, PRODUCTIVITY, PRODUCTIVITY GROWTH, PUBLIC EXPENDITURES, PUBLIC SECTOR, PUBLIC SERVICES, PURCHASING POWER, PURCHASING POWER PARITY, REAL GDP, SECTORAL POLICIES, STATISTICAL ANALYSIS, SURPLUS LABOR, SUSTAINABLE GROWTH, TAX REGIME, TRANSITION ECONOMIES, TRANSPARENCY, TRANSPORT, UNEMPLOYMENT, URBAN SERVICES, VALUE ADDED, WAGES, WHOLESALE PRICES, WORKERS, WORLD TRADE ORGANIZATION, WTO