In Armenia, more effective accumulation,together with greater competition and better connectivitywiththe rest of the world, will increase pressures onfirms to compete and innovate and will thus reinvigorate jobcreation.In order to more effectively channel savings intoinvestment in those industrial sectors with the bestpotential for growth and employment creation, a moresophisticated financial system is required.A recentlyreleased World Bank report1 finds that Armenias StateCommission for the Protection of Competition (SCPEC) needsto be given better tools to carry out its work, and it alsoneeds to shift its focus from price levels to morevigorously pursuing anticompetitive conduct. Aliberalization of aviation would boost growth and jobcreation by better connecting people, ideas, and markets.