Resource information
The lessons learned from the
implications of the global crisis for the Armenian economy
led the Government of Armenia to refine its approach to
economic development policy. The business environment, the
market structure, and the incentive pattern had not fostered
reallocation of resources into more productive areas or the
emergence of internationally competitive products and
services. Despite numerous initiatives and multiple efforts,
there was no holistic approach or actionable roadmap for
supporting private sector development. The pressing need to
restore economic growth despite a small domestic market led
the Armenian government to search for new sources of growth
in export-oriented industries. At the end of 2011, the
Government of Armenia adopted its export-led industrial
development strategy. The strategy set as targets improving
the general business environment and sector-specific
initiatives to address market failures and expand exports.
The strategy builds on both a general (crosscutting) and an
industry-customized toolset.
