May 14, 2013 – A month ago, Andrew Burns, World Bank Manager of Global Macroeconomics and lead author of the Global Economic Prospects Report delivered a public lecture at a private educational institution in Yerevan, highlighting that the risk of a serious economic downturn had diminished and that there was a chance that there could be an upward turn in the economy.
Key public figures, including representatives of the finance and economy ministries and the Central Bank, attended the lecture, which underlined the uncertainty around the global economic outlook and the need for the government to opt for structural reforms, enhancing productivity and seeking sustainable economic policies for the country.
Burns noted that to ensure higher productivity and sustainable growth in Armenia, it is essential for the government to ensure a long-term commitment towards those goals. The country ought to think of ways to increase the flexibility of government’s spending choices in order to cushion possible crises with counter-cyclical policies, he said. This would in part require implementing regulatory and infrastructural reforms to bolster the economy through its supply side.