Low labor capacity among evident problems of Armenia’s economyDecember 24, 2010 - 15:17 AMT PanARMENIAN.Net - Board member and leading analyst of Economy and Values research center Sevak Hovhannisyan said that the global financial crisis showed that Armenia’s economy reacts rather rapidly to global developments. Armenia is among the countries, which recorded a significant drop in GDP in 2009 and slow rehabilitation of economy in 2010, Hovhannisyan said, presenting 2010 Report on Armenia’s National Competitiveness: Challenges of Higher Education. “Low labor capacity is among the evident problems of Armenia’s economy. 70% of the country’s population is employed in the fields of low capacity,” he said. According to the expert, a working person in Armenia annually produces goods and services at the amount of $7,930, while the figure reaches $68,400 in Israel. Labor capacity is distributed unevenly among the fields in Armenia, like in majority of developing countries. The fields of financial intermediation, business service and construction have high labor capacity. And the labor capacity in these fields exceeds the capacity in agriculture, education, healthcare and other fields by seven times. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Pashinyan’s spokesperson denies intention to visit Baku for COP29 Pashinyan’s agenda doesn’t include a trip to Baku for the COP29 conference, his press secretary Nazeli Baghdasaryan has said. Russia accuses West of preparing invasion of CSTO countries NATO is preparing an invasion of the CSTO countries, the number of provocations in the air is growing, Sergei Shoigu has said. Lithuania sending €100,000 to help Armenia fight floods consequences Armenian Prime Minister Nikol Pashinyan took to social media to thank his Lithuanian counterpart for the contribution. Armenia: Rescue workers restore pedestrian bridge for flood-hit community Rescue workers on Wednesday, June 5 restored a pedestrian bridge in the town of Alaverdi in Armenia’s north. |