| Summary: | The objective of this report is to facilitate a productive policy dialogue in support of Armenia's efforts to build a more dynamic economy capable of thriving in an increasingly knowledge-driven global marketplace. The report supports the objectives of the Armenian government's national development strategy, which focuses on economic versatility and robust job creation. While Armenia faces a complex set of macroeconomic challenges, this report will concentrate on a select number of issues crucial to the creation of a more open, adaptable and resilient economy. Armenia's medium-term outlook is complicated by a mix of adverse domestic and external factors, but there is reason for cautious optimism. Despite its considerable progress over the past two decades Armenia is still struggling to free itself from the vestiges of central planning. As the period of macroeconomic adjustment following the global financial crisis comes to a close the authorities are renewing their efforts to build a sophisticated modern economy based on human-capital accumulation and technological innovation. Recognizing that Armenia is at a critical juncture in its development, this report identifies a number of reforms designed to increase competitiveness on both the supply and demand sides of the economy
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