Economy Minister Says Armenia’s Future Depends on Competitive Economy

YEREVAN (Armenpress)–"Armenia’s future depends on it having a competitive economy," Armenian Economy Minister Nerses Yeritsian said Wednesday, presenting the national report on Armenia’s competitiveness.

The report, which is the first of its kind, was prepared by the "Economy and Value" research center.

"Competitiveness…is nothing more than productivity," Yeritsian said. "The country must be more productive then the rest of the world."

According to him, countries that register increases in productivity also see increases in wages and stability of prices.

"Quick price stability in Armenia’set in as a result of the liberalization of its market," the minister said.

But challenges still exist, he noted, as equality in wages in all spheres must be established.

According to Yeritsian, Armenia, with its small market and relatively open economy, has an opportunity to increase its productivity. To do this, Armenia must quickly integrate into large foreign markets, he said.

Despite positive GDP growth, Armenia was ranked 93 out of 131 in the World Competitiveness Report of the World Economic Forum Armenia, while it has been ranked 108 in business competitiveness, according to Yeritsian.

According to the head of the "Economy and Values" research center, Manuk Hergnian, the national report on Armenia’s competitiveness was prepared with the cooperation of international and local experts and it covers the position of Armenia’s international competitiveness and the factors that influence.

The goal of the report is to support state and private sectors in establishing dialogue to promote an increase in the level of Armenia’s international competitiveness.

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