The World Bank Group is supporting Armenia advance efforts to create more and better jobs, enhance investments in human capital, and build a resilient economy.
Growth eased to 7.5% (year-on-year) in August, bringing cumulative growth to 7.1%, while net non-commercial money transfers rose 29.1% (year-on-year), driven by Russian inflows.
Armenia has faced significant socio-political and economic challenges but has shown resilience due to prudent macroeconomic policies and effective financial oversight. In 2023, Armenia became an IDA donor, nine years after graduating from being an IDA recipient and four years after attaining upper-middle-income status. Armenia has been actively engaged in a wide range of reforms, including in the justice sector, healthcare, tax and customs and social protection systems. The government is focusing on boosting human capital through education and health sector reforms, as well as addressing the connectivity and export diversity issues to achieve inclusive growth.
The project development objective is to enable the integration of increased renewable energy capacity into the power transmission grid and enhance the commercial viability of the power transmission company.
The Human Capital Index quantifies the contribution of health and education to the productivity of the next generation of workers. Countries can use it to assess how much income they are foregoing because of human capital gaps, and how much faster they can turn these losses into gains if they act now.
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