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The industrial challenge, the second one monetary surprise to hit the japanese Europe and the South Caucasus sector after the cave in of the Soviet Union, has been a caution and a choice to motion. The area has many merits and masses power, yet a few of this used to be squandered through the increase years of the 2000s. The reports contained during this quantity display that the capability remains to be there and that the measures that must be taken to grasp that capability are possible and reasonable. a few of them may have a nearly fast influence, reminiscent of easing entry to finance for small and medium-sized organizations and commencing up new markets for the region's items. Others are extra medium-term, akin to redeveloping product traces within the metal or in agriculture. one of the most serious reforms, like elevating the extent of schooling and enhancing overall healthiness care, would require political and fiscal funding over the longer term. not one of the strategies during this booklet are, even though, past the limits of danger. Governments and the personal area be interested in enforcing reforms to diversify the economic climate and increase the distribution of sales. Given the big capability of the jap ecu and South Caucasus nations, the sector has each cause to be convinced approximately its destiny

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Extra resources for Development in Eastern Europe and the South Caucasus: Armenia, Azerbaijan, Georgia, Republic of Moldova and Ukraine

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2%. However, the main weaknesses of the Armenian chemical industry remain high reliance on imported UDZPDWHULDOVREVROHWHWHFKQRORJLHVKLJKFRVWRIHOHFWULFLW\DQGJHRJUDSKLFDOGLI¿FXOWLHV 6HUYLFHV Construction, trade and other services have become the largest sectors of the economy accounting roughly for two-thirds of the GDP, leaving less than one-third for industry and agriculture. 8%, for industry by 12%, trade showed stability DEVELOPMENT IN EASTERN EUROPE AND THE SOUTH CAUCASUS © OECD 2011 35 1.

The ultimate objective of this assessment is to get a true picture of the PFM quality and to develop a monitoring system. The performance measurement report was published in October 2008, providing quite a complete picture on current status in this sphere. The GoA decided to train experts in Public Finance Management in order to implement the reform in the following stages: preparation, process organising, infrastructure development and implementation. Several workshops on PFM reform with the participation of the Prime Minister and relevant GoA bodies were held in 2009 and 2010.

Part of the challenge for monetary policy is dealing with the deposit dollarisation ratio of 65-70% (in September 2010). ,QGHHGXQGHUKLJKGROODULVDWLRQFRQGLWLRQVVHWWLQJWKHLQWHUHVWUDWHEHFRPHVLQHI¿FLHQWVLQFHWKH CBA can only affect Armenian drams. Once the macroeconomic situation stabilises, it is expected that the dollarisation will decrease. 6 months of imports) by the end of 2009. 17 billion by the end of 2010.

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