YEREVAN, October 22. /ARКА/. Because of poorly-educated workforce Armenia is losing an amount equivalent to 55% of its  GDP, Manuk Yergnyan, the head of EV Consulting firm,  told reporters on Tuesday, presenting a report on the national competitiveness of the country for 2019.

He said studies have shown that, for example, in 2017, about 560 thousand able-bodied residents of the country did not participate in the production of economic values, as a result  55% less domestic added value was produced.

He said these indicators mean that there is a great need to invest in the education and human capital.
He said  the problem is that the reform of the educational system lasts longer than changes in the labor market occur. Therefore, according to him, Armenia needs a very flexible system that can change quickly, and the development of human capital should be considered not only as a component of the educational system, but should last throughout life.

"It is important to understand that contribution to human capital is the main guarantor of economic development, especially against the background of limited resources available in the country. Armenia should become a country of quickly trained people," Yergnyan said.

He said a set of  surveys of entrepreneurs showed that  they are planning to start using advanced technologies in the next 5 years, including big data, digital commerce and cloud technologies. According to businessmen, as early as 2024, about 45% of all work in their companies will be automated. — 0–