December 19, 2009 - 19:24 AMT
04:36 GMT
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.