DESPITE STRONG MACROECONOMIC PERFORMANCE, ARMENIA HAS NOT BENEFITED FROM COMMENSURATE JOB CREATION OR POVERTY REDUCTION

YEREVAN, May 24. /Mediamax/. Despite strong macroeconomic performance, Armenia has not benefited from commensurate job creation or poverty reduction.
Mediamax informs that this is said in the press release spread today by the World Bank Yerevan office concerning the approval by the WB Board of the new Country Assistance Strategy for Armenia on May 22. “Human capital has deteriorated through migration. This has had deleterious effects on the economy. The new CAS emphasizes the need to expand budget allocations to education, health and other,” is noted in the press release.
“We expect the government to emphasize facilitating private sector investment, and eliminating distortions, particularly corruption and red tape,” Judy O’Connor, WB Country Director for the South Caucasus said. “We are especially pleased with the very constructive Investors Conference for Armenia held in New York earlier this month. The presence of both Presidents of Armenia and the WB emphasized the commitment of the government and the WB to making the private sector the engine of balanced growth of economy,” Judy O’Connor noted. –0–