PRESS RELEASE
May 5, 2008

A Conference on Armenian Economy Was Held in Washington, DC

A conference focusing on the global competitiveness of the Armenian economy was held in Washington, D.C. on May 17-18, 2008. The conference was organized by the Armenian International Policy Research Group and was sponsored by the World Bank, United Nations Development Program (UNDP), and the Eurasia Partnership Foundation. Armenia’s Prime Minister Tigran Sargsyan serves as a member of the AIPRG Advisory Board and Minister of Economy Nerses Yeritsyan is a Chair of the Executive Board.

The conference brought together Armenian academicians and professionals from the Homeland and the Diaspora, as well as other experts on Armenia. High ranking World Bank officials, including Executive Director Herman Wijffels and Lead Economist for Europe and Central Asia disivion Saumya Mitra were among conference participants.

After more than a decade of transition from a planned to market-based economy, Armenia undertook important reforms and experienced high rates of economic growth in recent years. Presentations by conference participants focused on the need to sustain this growth and ensure further economic development, including second-generation reforms based on lessons learned during this transition. Such reforms should aim at: (i) solidifying the achievements of the transition period; (ii) ensuring a fair and level playing field for private sector development; (iii) choosing strategic directions for the country's export-oriented branches of the economy; and (iv) laying the foundations for future development by strengthening institutions and modernizing social sectors, especially public education. Individual topics at the conference included strength of the Armenian currency, dram; trends in productivity; market structure and competition; the role of foreign aid; tourism and IT sectors; market reforms; the role of the Diaspora; and education. 

The Embassy of Armenia hosted the conference participants at a reception on the evening of May 17.