YEREVAN, February 15. \/ARKA\/. The global financial crisis had a severe impact on Armenia highlighting need for further reforms, European Bank for Reconstruction and Development says in its Transition Report, which will be presented in Yerevan on February 16.<\/p>\n
\u201cThe global financial crisis has underlined Armenia\u2019s economic dependence on the remittance-financed construction sector. The switch to a floating exchange rate and subsequent depreciation of the dram has eliminated the exchange rate misalignment and helped to improve export competitiveness,\u201d the report says.<\/p>\n
However, to channel remittances and foreign direct investment (FDI) into a wider range of industries, the business environment needs to be improved through better enforcement of anti-monopoly measures and a reduction in the administrative burden on small and medium-sized enterprises (SMEs).<\/p>\n
EBRD Principal Economist Helena Schweiger said, \u201cLong-awaited improvements in the business environment must now be implemented to increase competition, attract more local and foreign investments and pave the way for a sustainable economic recovery.\u201d<\/p>\n
In 2010, the EBRD argues, Armenia should move from crisis management to stimulating long-term economic growth.<\/p>\n
\u201cThe banking sector will play a key role and the Central Bank of Armenia must continue strengthening the local banks and increasing financial intermediation\u201d, the EBRD said in its report.<\/p>\n
According to National Statistical service of Armenia, GDP reduced 14.4% in 2009, compared with the previous year, to AMD 3165.5 billion. ($1 = AMD 381.12).-0—<\/p>\n","protected":false},"excerpt":{"rendered":"
The global financial crisis had a severe impact on Armenia highlighting need for further reforms, EBRD says in its Transition Report, which will be presented in Yerevan on February 16.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[12139,9216],"tags":[15837,12688,12182,12174],"class_list":{"0":"post-7675","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy-en","7":"category-news","8":"tag-armenia-2","9":"tag-armenia-analyst-inflation","10":"tag-crisis","11":"tag-ebrd"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/7675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=7675"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/7675\/revisions"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=7675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=7675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=7675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}