Asian Development Bank & Armenia

Abstract

Updated yearly, this ADB Fact Sheet provides social and economic indicators on Armenia as well as concise information on ADB's operations in the country and contact information. Through a series of well-sequenced economic reforms, Armenia has achieved sustained high growth and succeeded in reducing poverty. Real gross domestic product (GDP) growth averaged 12.3% over 2001–2005 and reached 13.4% in 2006. Growth and trade have been boosted by an educated, low-cost labor force; remittances from overseas workers; and noninterventionist trade policies. Despite this strong economic performance, Armenia is a small country with a high level of poverty. Income inequality and unemployment are also high. Although the Millennium Development Goals for education are encouraging, those for gender equality, health, and environmental sustainability require closer attention. Basic infrastructure is deficient and the country’s structural and institutional reform program remains to be completed.