The objective of this report is tofacilitate a productive policy dialogue in support ofArmenia’s efforts to build a more dynamic economy capable ofthriving in an increasingly knowledge-driven globalmarketplace. The report supports the objectives of theArmenian government’s national development strategy, whichfocuses on economic versatility and robust job creation.While Armenia faces a complex set of macroeconomicchallenges, this report will concentrate on a select numberof issues crucial to the creation of a more open, adaptableand resilient economy. Armenia’s medium-term outlook iscomplicated by a mix of adverse domestic and externalfactors, but there is reason for cautious optimism. Despiteits considerable progress over the past two decades Armeniais still struggling to free itself from the vestiges ofcentral planning. As the period of macroeconomic adjustmentfollowing the global financial crisis comes to a close theauthorities are renewing their efforts to build asophisticated modern economy based on human-capitalaccumulation and technological innovation. Recognizing thatArmenia is at a critical juncture in its development, thisreport identifies a number of reforms designed to increasecompetitiveness on both the supply and demand sides of the economy.
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