WB: Armenia needs to raise competitiveness and diversify economy

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.