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Armenia has high potential for economic development

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15.03.2019
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"Armenia has a high  potential for economic development, which can be realized," said RA  Deputy Prime Minister Mher Grigoryan during a meeting with a  delegation of the World Bank (WB), led by the Vice President of the  World Bank (WB) in Europe and Central Asia, Cyril MullerAccording to  the press service of the government, the vice-premier introduced to  the guests the planned reforms, the implementation of which, he said,  will contribute to the development of the country. 

He cited the creation of the necessary conditions for the formation of a competitive economy, the protection of human rights and capital,  and the fight against corruption as priority areas. In particular, Grigoryan noted that the WB cooperation strategy with Armenia  "Framework for cooperation with the country" is consistent with the main areas included in the government program. 

The Vice Premier expressed the hope that cooperation with the WB,  which takes place at a high level, will consistently develop and expand. In turn, Cyril Muller highly appreciated the readiness and aspiration of the Armenian government to follow the path of reform. According to the report, the parties exchanged views on the steps being taken to improve the efficiency of the management system. Note that, according to the World Bank's forecast for 2019,  updated in January 2019, growth is expected at 4.3% with an acceleration in 2020 to 4.6% and maintaining these rates in 2021. 

Moreover, the World Bank designated the industrial sector with drivers of economic growth for 2019 in Armenia - 6.1%, while for the services sector and the agricultural sector, expectations were more modest - an increase of 3.9% and 2.9% respectively.

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