WB: ARMENIA NEEDS TO RAISE COMPETITIVENESS AND DIVERSIFY ECONOMY

/PanARMENIAN.Net/
17.12.2009 16:36 GMT+04:00

/PanARMENIAN.Net/ The crisis taught lessons to Armenia and
highlighted its main shortcomings: weak diversification and lack of
competitiveness, therefore, to overcome the effects of the crisis the
country should provide three essential conditions, head of World Bank
Armenian Office Aristomene Varoudakis said.

According to him, in order to increase competitiveness of Armenian
economy the country need to creating more favorable environment
for investors, reduce the role of oligopolies, minimize, or even
eliminate corruption in tax authorities, develop infrastructures,
particularly in transport and IT spheres," he said.

According to Aristomene Varudakis, maintaning the social spending,
particularly in education and health, is also important, since social
programs of the Armenian Government had helped to mitigate the impact
of the crisis on vulnerable stratas and the economy in general.

The official emphasized that reforms in tax administration will
help Armenia to ensure tax collection and, consequently, to service
country’s state debt.

Armenian authorities need determination and strong political will to
reform economy and overcome the global crisis, Aristomeneh Varoudakis
concluded adding thet measures taken by the government so far are
not sufficient.
From: Baghdasarian