IMF Releases Book On Armenia's Economic Transformation In Last 10 Years
www.armeniadiaspora.com
Yerevan, December 5, Armenpress: The International Monetary Fund (IMF) has released a new book assessing Armenia's economic transformation during the last 10 years and the challenges ahead. "In recent years, Armenia has emerged as a reform leader within the Commonwealth of Independent States and its economic performance has surpassed that of other low-income countries," a press release by IMF says.
The book evaluates Armenia's economic reforms since the early 1990s and identifies the issues and policies that deserve further attention in order sustain growth and further reduce poverty. "The first decade of transition was painful. A devastating earthquake, the break-up of the Soviet Union, and disputes with its neighbors led to severe decline in output and employment in the early 1990s. Declining living standards levels forced many of Armenia's most productive workers to migrate.
During the past five years, Armenia's economy has experienced a radical turnaround. Real economic growth has averaged 11 percent per year, annual inflation has averaged 3 percent, and poverty and inequality have fallen. The country has outperformed other low-income countries including countries in the Commonwealth of Independent States. The key factors behind Armenia's economic performance are prudent monetary and fiscal policies, liberal trade and foreign exchange regimes, and relatively well-sequenced structural reforms. The structure of the economy has been transformed through a major reduction of the role of the state as a provider of goods and services. The poverty reduction strategy, introduced in 2002, has complemented the effect of economic growth on reducing poverty."
The book is organized into six chapters. Chapter 1 contains an analysis of the path toward macroeconomic stabilization, the sequencing of reforms, and the successes and disappointments after a decade of transition. Chapter 2 estimates productivity growth, analyzes changes in poverty and inequality, and looks at whether Armenia is likely to increase income levels in line with the Millennium Development Goals. Chapter 3 discusses fiscal and quasi-fiscal adjustment and key long-term challenges, while Chapter 4 deals with the barriers to financial sector development and ways to increase financial intermediation. Chapter 5 describes changes in Armenia's pattern of trade and the potential effects of opening Armenia's borders. The last chapter summarizes the remaining reform agenda.'
Note: Above are excerpts from the article. The full article appears here. Clarifications and comments by me are contained in {}. Deletions are marked by [...]. The bold emphasis is mine.
Yerevan, December 5, Armenpress: The International Monetary Fund (IMF) has released a new book assessing Armenia's economic transformation during the last 10 years and the challenges ahead. "In recent years, Armenia has emerged as a reform leader within the Commonwealth of Independent States and its economic performance has surpassed that of other low-income countries," a press release by IMF says.
The book evaluates Armenia's economic reforms since the early 1990s and identifies the issues and policies that deserve further attention in order sustain growth and further reduce poverty. "The first decade of transition was painful. A devastating earthquake, the break-up of the Soviet Union, and disputes with its neighbors led to severe decline in output and employment in the early 1990s. Declining living standards levels forced many of Armenia's most productive workers to migrate.
During the past five years, Armenia's economy has experienced a radical turnaround. Real economic growth has averaged 11 percent per year, annual inflation has averaged 3 percent, and poverty and inequality have fallen. The country has outperformed other low-income countries including countries in the Commonwealth of Independent States. The key factors behind Armenia's economic performance are prudent monetary and fiscal policies, liberal trade and foreign exchange regimes, and relatively well-sequenced structural reforms. The structure of the economy has been transformed through a major reduction of the role of the state as a provider of goods and services. The poverty reduction strategy, introduced in 2002, has complemented the effect of economic growth on reducing poverty."
The book is organized into six chapters. Chapter 1 contains an analysis of the path toward macroeconomic stabilization, the sequencing of reforms, and the successes and disappointments after a decade of transition. Chapter 2 estimates productivity growth, analyzes changes in poverty and inequality, and looks at whether Armenia is likely to increase income levels in line with the Millennium Development Goals. Chapter 3 discusses fiscal and quasi-fiscal adjustment and key long-term challenges, while Chapter 4 deals with the barriers to financial sector development and ways to increase financial intermediation. Chapter 5 describes changes in Armenia's pattern of trade and the potential effects of opening Armenia's borders. The last chapter summarizes the remaining reform agenda.'
Note: Above are excerpts from the article. The full article appears here. Clarifications and comments by me are contained in {}. Deletions are marked by [...]. The bold emphasis is mine.
posted by Vahe Balabanian at 6:34 AM
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