ARMENIA WORKSHOPS ON SUPPORTING ASIA PACIFIC LLDCS AND BHUTAN IN MOBILIZING RESOURCES FOR THE SDGS
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1 ARMENIA WORKSHOPS ON SUPPORTING ASIA PACIFIC LLDCS AND BHUTAN IN MOBILIZING RESOURCES FOR THE SDGS December 2018 Thimphu, Bhutan
2 FACTS ABOUT ARMENIA
3 BASIC FACTS Official name: Republic of Armenia Territory: km2 Population: Million Official language: Armenian Capital city: Yerevan Religion: Christianity YEREVAN Apostolic Church Ethnicity: 98.1 % Armenian SYSTEM OF GOVERNANCE Minorities: Ezides, Russians, Head of the State: Assyrians, Kurds, Executive Authority: Government Greeks, Jews, etc. Legislative Authority: National Assembly Justice: Administrative division: 11 districts / Marzes President Via Courts NATIONAL CURRENCY Armenian Dram
4 ECONOMY
5 1991 Gaining Independence CONTEXT Market Economy, National Currency, Macroeconomic Stability 1 st Generation Reforms Privatization, Liberalization of the prices, foreign trade and exchange rate, WTO 2 nd Generation Reforms. up to now Competition promotion policy, Financial sector reforms, Infrastructure sector reforms 2009 Global Financial Crisis sharp downturn with output contracting by 14 percent Recovery The Government s countercyclical fiscal policy response to the 2014 resource price shock widened the fiscal deficit to 5.5 percent of GDP by 2016 and pushed the public debt burden above 50 percent of GDP.
6 ECONOMIC GROWTH Armenia s GDP in expanded at its fastest pace since the global financial crisis, with favorable trends continuing in early 2018 Armenia made significant progress in reducing poverty from a peak of close to 54 percent in 2004 to 25.7 percent in GDP growth, % GDP per capita, USD 3, , , , , , ,853.3
7 GDP Structure, % REAL SECTOR Agriculture Construction Trade Services Net taxes More than half of GDP growth in came from a strong expansion in services, including trade, reflecting positive developments in the labor market and higher remittances as well as robust tourism The tourism industry is dynamic and exports in the ICT sector are increasingly vigorous. There has also been a rapid recent expansion of agribusiness products, in particular beverages and tobacco. Industry Industry and Services Output Growth, % Industry Services
8 EXTERNAL SECTOR: Trade Armenia has recently improved its partnership with two large trade areas: the Eurasian Economic Union (EAEU) and the European Union (EU) EAEU membership gives Armenia better trade access to several neighboring economies, with significant potential benefits from reductions in nontariff barriers Armenia benefits from zero tariffs on 66 percent of the EU s tariff lines through the European Commission s Sustainable Development and Good Governance GSP+ Export & Import, mln USD Export Import 4, , , , , , , ,485.3 Export Structure,, % Other, 42.8 % China, 5.5 % Russia, 24.1 % USA, 3.1 % Bulgaria, 12.8 % Germany, 5.9 % Iran, 3.8 Belgium, % 2.0 %
9 EXTERNAL SECTOR: Investments Foreign Investments and FDIs, mln USD 1, , Armenia follows the principles of Open Doors policy, liberalization of investment activities, reservation of national and most favorable treatment of foreign investors, proper protection of investors and other advanced international practices. Since before Armenia s independence, members of the diaspora have contributed actively to foreign direct investment (FDI), humanitarian aid, and other philanthropic transfers Foreign investments Foreign direct investments Foreign direct investments/gdp, %
10 State budget deficit/gdp, % PUBLIC FINANCE With its debt exceeding 50 percent of GDP, Armenia embarked on fiscal consolidation in. Two major external shocks of the last decade required fiscal expansion to stimulate the economy at the cost of tripling the public debt burden Despite its rapid build up, and assuming sustained consolidation efforts, Armenia s public debt remains sustainable The new tax code has removed some impediments to private sector growth. This will benefit firms in many areas, while increasing tax collection capacity and contributing to future fiscal stability Public Debt/GDP, % Tax incomes/gdp, %
11 FINANCIAL INTERMEDIATION The Armenian financial sector appears to be healthy and well positioned to expand in support of the country s economic development. The CBA has adopted numerous policies and procedures to manage or mitigate risks in the banking sector. The sector has remained stable through recent international financial crises, highly liquid, and well capitalized. However, exposure to external risks and high dollarization in the banking sector expose both banks and borrowers to a currency mismatch risk. Loans/GDP, % Commercial Banks Loans to Residents, billion AMD, billion USD AMD FX
12 Global Competitiveness Index Armena's rank among 140 counties Human Development Index According to the Global Competitiveness Index 2018 ranking significant progress has been recorded in the figures of technological preparedness, healthcare, education, commodity market, labor market efficiency and innovative capacities levels Armena's rank Number of countries In /18, Armenia implemented 5 reforms that improved the business regulatory framework matching the historical record for Armenia since the beginning of the Doing Business project. Doing Business Number of countries POSITION IN INTERNATIONAL RANKINGS Armena's rank
13 Constraints Challenges and Goals The Government program seeks to institutionalize the values of the velvet revolution It seeks to do so through fundamental principles, such as basing political authority on the popular will, public rejection of corruption, and a corruption free public; prioritizing better governance and rule of law, market dynamism, human capital development, and better diaspora links, leading to economic growth, job creation, and poverty reduction; and implementing policies to support these principles. o Armenia s geopolitical constraints call for deeper improvements across the economy than might be needed in less constrained environments to achieve similar development outcomes o Pockets of productivity and export strength have emerged, holding the promise of better trade and productivity in the future. Priorities Raising human capital through free, dignified, and happy citizens. Stimulating more competition Prudent use of natural resources, balanced with social equity and economic efficiency Promoting good governance and the rule of law, including combatting corruption
14 ARMENIA Agenda 2030
15 SDGs NATIONALIZATION PROCESS The Government of Armenia signed on to Agenda 2030 and its 17 Sustainable Development Goals (SDGs) 2016 the SDGs nationalization process was launched Alone we can do so little, together we can do so much Helen Keller Armenia initiated the development of a new National Armenia Development Strategy (ADS) 2030 the Armenia National SDG Innovation Lab, a joint initiative of the Government of Armenia and the UN, was set up to draw upon innovative methodologies from across the world to support and accelerate the SDG implementation process.
16 WHO WE ARE Creating a free, fair, smart, and secure Armenia nurturing its natural and human capital, with equal opportunities for all women, men, rural and urban youth and other social groups, a booming IT sector and active public service this is a quintessential SDG challenge. WHAT WE DO We work to find meaningful ways to maximize SDG achievement in Armenia. We use Behavioral Science, Data Analytics, measure Impact investment efficiency and conduct Capacity Building workshops. We aim to find new approaches, new methodologies and possibly new types of institutions to provide out of the box solutions to unlock Armenia s development potential and accelerate the implementation of the Agenda 2030.
17 Thank You!!!
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