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“Economy of Armenia” by Ivan Kushnir provides an in-depth analysis of Armenia’s economic landscape from the 1990s to the 2010s. The book highlights the country’s GDP, which was $11.3 billion per year in the 2010s. It also emphasizes the structure of Armenia’s economy, which included services (32.2%), industry (18.6%), agriculture (17.9%), trade (13.9%), construction (10.5%), and transportation (7.0%).
Armenia’s economic challenges are numerous. The nation is grappling with subpar levels of investment, a lackluster draw for foreign direct investment, a shortage of skilled workforce, issues with connectivity, and a narrow range of exports. The economy also faces risks from geopolitical developments and dissatisfaction of business entities related to the speed of decision-making on investment projects.
Despite these challenges, Armenia’s economy presents several opportunities. A report titled “Armenia 2021-2041: A Macroeconomic Diagnostic” highlights opportunities for growth in important sectors. The country has been actively engaged in a wide range of reforms, including in the justice sector, healthcare, and social protection systems. Continued progress on implementing the digital agenda is necessary to maintain growth momentum. A clear and effective regulatory framework, coupled with advantageous natural conditions for renewable energy, could draw foreign direct investment towards efforts to make the economy more environmentally friendly, thereby unlocking new avenues for growth.
In conclusion, Kushnir’s book offers a comprehensive overview of Armenia’s economy, shedding light on its structure, growth, and productivity. While Armenia faces significant economic challenges, it also holds promising opportunities for growth and development. The key to unlocking Armenia’s economic potential lies in addressing its challenges and leveraging its opportunities effectively.
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Books mentioned in the article: “Economy of Armenia” by Ivan Kushnir
