Republic of Armenia : Accumulation, Competition, and Connectivity
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Washington, DC
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By 2013, the Armenian economy has left
behind most of the hangover from the global financial crisis
and a look at medium- to long-term growth drivers is
therefore in order. The central tenet of this report is that
the government's job creation agenda requires a
different growth model than the one followed before the
global crisis. Reaching the goals of the government's
strategy will require a combination of four factors: first,
higher investment and better financial intermediation
between savers and investors. Second, better utilization of
the labor force, including the largely untapped resource of
Armenians abroad. Third, stronger competitive pressures in
the markets for goods and services, which will improve
incentives for companies to innovate, adopt new
technologies, and become more efficient. Fourth, enhanced
connections of the landlocked Armenian economy with world
markets, including through land, air, and through internet
and communication technologies. This report's
theoretical framework emphasizes structural reforms to drive
growth. This report is structured as follows: chapter one is
macroeconomic developments and outlook; chapter two focuses
on saving, investment, and financial intermediation; chapter
three focuses on human resources; chapter four focuses on
competition; chapter five focuses on land connectivity;
chapter six focuses on air connectivity; and chapter seven
deals with internet and communications technology (ICT).
Palabras clave
ACCESS TO INFORMATION, AGGREGATE DEMAND, AGRICULTURAL OUTPUT, BARRIERS TO COMPETITION, BARRIERS TO ENTRY, BARRIERS TO GROWTH, BEHAVIOR OF PRICES, BOND MARKET, BONDS, BUSINESS ENVIRONMENT, CAPITAL ACCUMULATION, CAPITAL FLOW, CAPITAL FLOWS, CAPITAL FORMATION, CAPITAL INFLOWS, CAPITAL MARKET, CAPITAL MARKETS, CARTELS, CENTRAL BANK, CENTRAL DEPOSITORY, COAL, COLLATERAL, COLLATERAL BACKING, COMMERCIAL BANKS, COMMODITY, COMMODITY PRICES, COMMUNICATION TECHNOLOGIES, COMMUNICATION TECHNOLOGY, COMMUNICATIONS TECHNOLOGY, COMPETITION FRAMEWORK, COMPETITION POLICY, COMPETITIVE MARKETS, COMPETITIVENESS, CONCEPTUAL FRAMEWORK, CONFIDENTIALITY, CONNECTIVITY, CONSUMER PRICE, CONSUMER PRICE INDEX, CORPORATE CLIENTS, COUNTRY DEVELOPMENT, CPI, CREDIT FACILITY, CREDIT INSTITUTIONS, CREDIT PRODUCTS, CRITICAL MASS, CURRENCY, CURRENT ACCOUNT BALANCE, CUSTOMER SERVICE, DEBT, DECISION MAKING, DEPOSIT, DEPOSIT RATE, DEPOSITS, DOMESTIC COMPETITION, DOMESTIC ECONOMY, DOMESTIC INVESTORS, DOMESTIC MARKET, ECONOMIC CRISIS, ECONOMIC DEVELOPMENT, ECONOMIC DEVELOPMENTS, ECONOMIC DYNAMISM, ECONOMIC GROWTH, ECONOMIC INTEGRATION, ELECTRICITY GENERATION, EMERGING ECONOMIES, ENTRY POINT, EXCHANGE RATE, EXPENDITURE, EXTERNAL TRADE, EXTERNALITIES, FACTORS OF PRODUCTION, FEDERAL RESERVE, FINANCIAL CRISIS, FINANCIAL INFRASTRUCTURE, FINANCIAL MARKET, FINANCIAL MARKET DEVELOPMENT, FINANCIAL PRODUCTS, FINANCIAL SECTOR, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SERVICES, FINANCIAL SYSTEM, FISCAL DEFICIT, FIXED CAPITAL, FIXED COSTS, FIXED INCOME, FOREIGN CAPITAL, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN INVESTMENTS, FOREIGN INVESTORS, FORESTRY, FUND INFORMATION, GLOBAL MARKET, GLOBAL MARKETS, GOVERNMENT BOND, GOVERNMENT DEBT, GOVERNMENT INTERVENTIONS, GOVERNMENT SECURITIES, GROSS DOMESTIC PRODUCT, GROWTH RATE, GROWTH RATES, HIGH UNEMPLOYMENT, HOME COUNTRY, HUMAN CAPITAL, INCOME, INCOMES, INFLATION, INFLATION TARGETING, INFORMATION TECHNOLOGY, INFRASTRUCTURE INVESTMENTS, INFRASTRUCTURE PROJECTS, INNOVATIVE TECHNOLOGY, INSURANCE, INTANGIBLE, INTELLECTUAL PROPERTY, INTEREST RATE, INTERNATIONAL MARKETS, INTERNATIONAL TRADE, INVESTMENT CLIMATE, INVESTOR CONFIDENCE, IRRATIONAL EXUBERANCE, JOB CREATION, LABOR COSTS, LABOR FORCE, LABOR MARKET, LABOR PRODUCTIVITY, LAW ENFORCEMENT, LEGAL FRAMEWORK, LIBERALIZATION, MACROECONOMIC MANAGEMENT, MARGINAL COSTS, MARKET ACCESS, MARKET BEHAVIOR, MARKET COMPETITION, MARKET CONDITIONS, MARKET DISTORTIONS, MARKET DOMINANCE, MARKET PARTICIPANTS, MARKET POWER, MARKET REGULATION, MARKET REGULATIONS, MARKET SECURITIES, MARKET SEGMENT, MARKET STRUCTURE, MARKET STRUCTURES, MARKET TRENDS, MERCHANDISE, MERCHANDISE TRADE, METALS, MICROFINANCE, MONOPOLY, MORTGAGE, MORTGAGE COMPANY, MULTINATIONAL CORPORATION, NATURAL MONOPOLIES, NEW MARKET, NEW PRODUCTS, OIL, OVERHEAD COSTS, PENSION, POLICY INSTRUMENTS, POLICY MAKERS, PORTFOLIO, PRICE COMPARISON, PRICE COMPARISON ANALYSIS, PRICE COMPARISONS, PRICE CONTROLS, PRICE DIFFERENCES, PRICE FIXING, PRIMARY MARKET, PRIVATE EQUITY, PRIVATE SAVING, PRIVATE SECTOR CREDIT, PRIVATIZATION, PRODUCT MARKET, PRODUCTION TECHNOLOGY, PRODUCTIVITY GROWTH, PUBLIC DEBT, PUBLIC SAVING, RAPID DEVELOPMENT, REAL ESTATE, RECYCLING, REGULATOR, REGULATORS, REGULATORY AUTHORITY, REGULATORY FRAMEWORK, REGULATORY RESTRICTIONS, RESOURCE ALLOCATION, RETAINED EARNINGS, SAFETY NET, SAVINGS, SECURITIES, SECURITIES MARKETS, SECURITIES REGULATION, SECURITY INTEREST, SHAREHOLDER, SKILL SHORTAGES, SKILLED WORKERS, SMALL COUNTRY, SOLAR GENERATION, STOCK MARKET, STOCK MARKET CAPITALIZATION, SUSTAINABILITY ANALYSIS, TAX, TAX TREATMENT, TECHNICAL ASSISTANCE, TRANSPARENCY, TURNOVER, UNEMPLOYMENT, URBAN DEVELOPMENT, VERTICAL INTEGRATION, VOLATILITY, WELFARE GAINS, WORKING CAPITAL, WORLD DEVELOPMENT INDICATORS, WORLD MARKETS, WORLD TRADE