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ARMENIA

Over the past two decades since the collapse of the Soviet Union, Armenia’s economic transformation has been profound. The economy today is market-oriented and highly receptive to trade, capital, and technological innovation. As a result of sustained growth, ambitious reforms, and external inflows of capital and remittances, poverty plunged from over 55 percent of the population at the start of the transition to less than 28 percent in 2008. Armenia was among the worst hit by the global crisis. Poverty level increased from 27.6 percent in 2008 to 34.1 percent in 2009. After the global downturn, Armenia managed to maintain consumption levels, in part due to the fiscal stimulus, and the economy started to recover in 2010. The World Bank has played a crucial role in the country’s reform agenda, as well as reducing poverty by providing interest-free loans and grants for programs that boost economic growth, reduce inequalities, and improve people’s living conditions.