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Armenia has a good record in transition and has made a strong effort to create a favorable macroeconomic climate, which has paid off with consistent growth since 1994. Its commitment has won Armenia the continued support of international financial institutions, bilateral donors, and its large worldwide Diaspora.
Armenia has succeeded in establishing a relatively stable constitutional system and despite frequent government changes - in securing continuity in its program of economic and sectoral reforms.
Armenia suffered a terrible tragedy in October 1999 when several leading members of the government were assassinated by terrorists. The authorities were quick to restore order and to reaffirm their commitment to reform. Nevertheless, the tragic events of October have not dented political resolve, and the new Government has confirmed its commitment to macro-economic stability, economic reform, and the fight against corruption.
Progress
in transition in central and eastern Europe, Baltic states and CIS
(Transition Report 1999, EBRD)
| Enterprises | Markets and Trade | Financial Institutions | ||||||||
| A | B | C | D | E | F | G | H | I | J | K |
| Armenia | 3.7 | 60 | 3 | 3+ | 2 | 3 | 4 | 2 | 2+ | 2 |
| Azerbaijan | 7.6 | 45 | 2- | 3 | 2 | 3 | 3+ | 1 | 2 | 2- |
| Belarus | 10.2 | 20 | 1 | 2 | 1 | 2- | 1 | 2 | 1 | 2 |
| Bulgaria | 8.2 | 60 | 3 | 3+ | 2+ | 3 | 4+ | 2 | 3- | 2 |
| Georgia | 5.4 | 60 | 3+ | 4 | 2 | 3 | 4 | 2 | 2+ | 1 |
| Latvia | 2.4 | 65 | 3 | 4 | 3- | 3 | 4+ | 3- | 3 | 2+ |
| Romania | 22.4 | 60 | 3- | 4- | 2 | 3 | 4 | 2 | 3- | 2 |
| Uzbekistan | 24.2 | 45 | 3- | 3 | 2 | 3 | 4 | 2 | 2- | 2 |
B- population (millions)
C- private sector share of GDP in % (EBRD estimates)
D- large-scale privatization [1 - little private ownership; 4+ -more than 75% ofenterprise assets in private ownership with effective corporate governance]
E- small-scale privatization [1 - little progress; 4+ no state ownership of small enterprises; effective tradebility of land]
F- governance and enterprise restructuring [1 -Soft budget constraints: tax credit and subsidy policies, few other reforms to promote corporate governance; 4+ -effective control exercised through domestic financial institutions and markets, fostering market-driven restructuring]
G- price liberalization [1 -Most prices formally controlled by the Government; 4+ -Comprehensive price liberalization; efficiency-enhancing regulation of utility pricing]
H- trade anf foreign exchange system [1 -Widespread import and/or export controls or very limited legitimate access to foreign exchange; 4+ -Removal of most tariff barriers; WTO membership]
I- competition policy [1-No competition legislation or institutions; 4+ -effective enforcement of competition policy; unrestricted entry to most markets]
J - banking reform and interest rate liberalization [1 -Little progress beyond establishment of two-tier system; 4+ -full convergence of banking laws and regulations with BIS standards; provision of full set of competitive banking services]
K - securities markets and non-bank financial institutions [1-Little progress; 4+ -full convergence of securities laws and regulations with IOSCO standards; full developed non-bank intermediation]
all information in the BUSINESS section by Armenian Development Agency