Republic of Armenia - Fiscal Consolidation and Recovery : Synthesis Report

World Bank

dc.creator	World Bank
dc.date	2012-03-19T10:14:04Z
dc.date	2012-03-19T10:14:04Z
dc.date	2011-11-01
dc.date.accessioned	2023-02-17T20:42:04Z
dc.date.available	2023-02-17T20:42:04Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20111214222114
dc.identifier	http://hdl.handle.net/10986/2807
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/243170
dc.description	Armenia's structural reforms since 1999 have led to a strong economic record, including low fiscal deficits and declining public debt over the pre-crisis decade. Between 2001 and 2008 Gross Domestic Product (GDP) grew at an average annual rate of 12 percent and poverty fell from over 50 percent to about 28 percent of the population. Over this period of rapid growth, prudent fiscal management contained fiscal deficits between 0 and 2.5 percent of GDP and helped to reduce public debt from 49 percent to 16 percent of GDP. This fiscal headroom allowed the Government to respond to the crisis with an appropriately large fiscal stimulus. When GDP contracted by more than 14 percent in 2009 and total revenues fell sharply, nominal public spending was increased by 13 percent to shore up the domestic economy and protect the poor and vulnerable. Despite the severity of the crisis, the Government maintained a sound macroeconomic framework while continuing to undertake social protection expenditures to mitigate the impact of the crisis on the most vulnerable people. This was done by securing sizable external financing. The fiscal deficit rose to 7.8 percent of GDP in 2009 and the public debt to GDP ratio rose from 16 percent in 2008 to 40.2 percent. Efforts at fiscal consolidation reduced the fiscal deficit to 5.6 percent of GDP in 2010, but public debt is projected to reach 42 percent of GDP in 2011.The report is in two volumes: a synthesis volume and a background volume. The synthesis volume summarizes the macroeconomic context of Armenia (chapter one), analyzes the recent debt dynamics and its implication for fiscal consolidation (chapter two, then assess the revenue potential the Government can tap (chapter three) while ensuring key growth-sustaining and poverty-reducing expenditures are maintained (chapter four). The background volume provides more details on the assessment of the tax potential of the mining sector (chapter one), and thoroughly analyzes the efficiency of spending on the public sector wage bill (chapter two), health (chapter three) and education (chapter four).
dc.language	English
dc.publisher	World Bank
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ALLOCATION
dc.subject	ANALYTICAL CAPACITY
dc.subject	ANNUAL RATE
dc.subject	ARREARS
dc.subject	ASSET MANAGEMENT
dc.subject	ASSET VALUE
dc.subject	AUTOMATIC STABILIZERS
dc.subject	BASELINE SCENARIO
dc.subject	BUDGET ALLOCATION
dc.subject	BUDGET CONSTRAINT
dc.subject	BUDGET DEFICITS
dc.subject	CAPITAL EXPENDITURE
dc.subject	CENTRAL BANK
dc.subject	CENTRAL GOVERNMENT
dc.subject	CHECKS
dc.subject	COMPENSATORY POLICY
dc.subject	COMPLIANCE COST
dc.subject	COMPLIANCE COSTS
dc.subject	CONSOLIDATION PROCESS
dc.subject	CONTINGENT LIABILITIES
dc.subject	CORPORATE INCOME TAX
dc.subject	CREDIT FACILITY
dc.subject	CREDITORS
dc.subject	CREDITWORTHINESS
dc.subject	CURRENCY
dc.subject	CURRENT ACCOUNT DEFICIT
dc.subject	DATA COLLECTION
dc.subject	DEBT
dc.subject	DEBT ACCUMULATION
dc.subject	DEBT BURDEN
dc.subject	DEBT DYNAMICS
dc.subject	DEBT LEVEL
dc.subject	DEBT MANAGEMENT
dc.subject	DEBT OBLIGATIONS
dc.subject	DEBT RATIO
dc.subject	DEBT RATIOS
dc.subject	DEBT REDUCTION
dc.subject	DEBT SERVICE
dc.subject	DEBT SERVICING
dc.subject	DEBT SUSTAINABILITY
dc.subject	DEFICIT FINANCING
dc.subject	DEFICIT REDUCTION
dc.subject	DEVELOPMENT BANK
dc.subject	DOMESTIC CURRENCY
dc.subject	DOMESTIC DEBT
dc.subject	DOMESTIC MARKET
dc.subject	ECONOMIC CLASSIFICATION
dc.subject	ECONOMIC CYCLE
dc.subject	ECONOMIC DEVELOPMENT
dc.subject	ECONOMIC GROWTH
dc.subject	ECONOMIC POLICIES
dc.subject	ECONOMIC RECOVERY
dc.subject	ECONOMIC SHOCKS
dc.subject	EDUCATION EXPENDITURES
dc.subject	EDUCATION SPENDING
dc.subject	EDUCATION SYSTEM
dc.subject	EFFICIENCY GAINS
dc.subject	ENFORCEMENT PROCESS
dc.subject	ENTRY BARRIERS
dc.subject	EXCHANGE RATE
dc.subject	EXCHANGE RATE MOVEMENTS
dc.subject	EXPENDITURE
dc.subject	EXPENDITURE ANALYSIS
dc.subject	EXPENDITURE CUTS
dc.subject	EXPENDITURE PRIORITIES
dc.subject	EXPENDITURE RATIONALIZATION
dc.subject	EXPENDITURES
dc.subject	EXTENDED FUND FACILITY
dc.subject	EXTERNAL BORROWING
dc.subject	EXTERNAL DEBT
dc.subject	EXTERNAL DEFICIT
dc.subject	EXTERNAL DEFICITS
dc.subject	EXTERNAL FINANCING
dc.subject	EXTERNAL SHOCKS
dc.subject	FINANCIAL ASSET
dc.subject	FINANCIAL CRISIS
dc.subject	FISCAL AFFAIRS
dc.subject	FISCAL BALANCE
dc.subject	FISCAL CONSOLIDATION
dc.subject	FISCAL DEFICIT
dc.subject	FISCAL DEFICITS
dc.subject	FISCAL FRAMEWORK
dc.subject	FISCAL FRAMEWORKS
dc.subject	FISCAL IMPACT
dc.subject	FISCAL POLICY
dc.subject	FISCAL RETRENCHMENT
dc.subject	FISCAL STANCE
dc.subject	FISCAL SUSTAINABILITY
dc.subject	FOREIGN CURRENCY
dc.subject	FOREIGN DEBT
dc.subject	FOREIGN EXCHANGE
dc.subject	FOREIGN INVESTORS
dc.subject	FORMAL ECONOMY
dc.subject	FRAUD
dc.subject	GLOBAL ECONOMY
dc.subject	GOVERNMENT EMPLOYMENT
dc.subject	GOVERNMENT FINANCE
dc.subject	GOVERNMENT FINANCE STATISTICS
dc.subject	GOVERNMENT FINANCES
dc.subject	GROSS DEBT
dc.subject	GROSS DOMESTIC PRODUCT
dc.subject	HEALTH CARE
dc.subject	HEALTH EXPENDITURE
dc.subject	HEALTH EXPENDITURES
dc.subject	HEALTH OUTCOMES
dc.subject	HEALTH SERVICES
dc.subject	HEALTH SPENDING
dc.subject	HUMAN CAPITAL
dc.subject	HUMAN RESOURCE
dc.subject	IMPLICIT TAX
dc.subject	INCOME LEVELS
dc.subject	INCOME STREAM
dc.subject	INCOME TAX
dc.subject	INDEBTEDNESS
dc.subject	INFLATION
dc.subject	INFORMATION FLOW
dc.subject	INFORMATION SYSTEM
dc.subject	INFRASTRUCTURE EXPENDITURE
dc.subject	INITIAL DEBT
dc.subject	INSTRUMENT
dc.subject	INTEREST PAYMENT
dc.subject	INTEREST PAYMENTS
dc.subject	INTEREST RATES
dc.subject	INTERNATIONAL FINANCE
dc.subject	INTERNATIONAL STANDARDS
dc.subject	LEVEL OF DEBT
dc.subject	LIABILITY
dc.subject	LIQUIDITY
dc.subject	LIQUIDITY PROBLEM
dc.subject	MACROECONOMIC FRAMEWORK
dc.subject	MACROECONOMIC SITUATION
dc.subject	MEDIUM TERM EXPENDITURE
dc.subject	MEDIUM TERM EXPENDITURE FRAMEWORK
dc.subject	MINISTRY OF FINANCE
dc.subject	MONETARY FUND
dc.subject	NATIONAL INCOME
dc.subject	NATURAL RESOURCES
dc.subject	NEGATIVE EXTERNALITIES
dc.subject	NET PRESENT VALUE
dc.subject	OPPORTUNITY COSTS
dc.subject	PENSIONS
dc.subject	PERSONAL INCOME
dc.subject	PERSONAL INCOME TAX
dc.subject	POSSIBILITY OF DEFAULT
dc.subject	POVERTY REDUCTION
dc.subject	POVERTY REDUCTION STRATEGY
dc.subject	POVERTY-REDUCING EXPENDITURES
dc.subject	PRIVATE INVESTMENT
dc.subject	PROGRAMS
dc.subject	PRUDENT FISCAL MANAGEMENT
dc.subject	PUBLIC DEBT
dc.subject	PUBLIC DEBT STOCK
dc.subject	PUBLIC EMPLOYMENT
dc.subject	PUBLIC EXPENDITURE
dc.subject	PUBLIC EXPENDITURE REVIEW
dc.subject	PUBLIC EXPENDITURES
dc.subject	PUBLIC FINANCES
dc.subject	PUBLIC REVENUE
dc.subject	PUBLIC SECTOR
dc.subject	PUBLIC SECTOR DEBT
dc.subject	PUBLIC SERVICE
dc.subject	PUBLIC SERVICES
dc.subject	PUBLIC SPENDING
dc.subject	QUALITY OF EDUCATION
dc.subject	REAL GROWTH
dc.subject	REAL INTEREST
dc.subject	REAL INTEREST RATE
dc.subject	REMITTANCES
dc.subject	REPAYMENT
dc.subject	REPAYMENT CAPACITIES
dc.subject	REPAYMENT CAPACITY
dc.subject	REPAYMENTS
dc.subject	RESERVE
dc.subject	RETURN
dc.subject	RETURNS
dc.subject	REVENUE INCREASES
dc.subject	ROAD MAINTENANCE
dc.subject	ROAD NETWORK
dc.subject	ROAD TRANSPORT
dc.subject	SAFETY NET
dc.subject	SAFETY NETS
dc.subject	SHARE OF INVESTMENTS
dc.subject	SHORT MATURITY
dc.subject	SHORT-TERM DEBT
dc.subject	SMALL BUSINESSES
dc.subject	SOCIAL CONTRIBUTIONS
dc.subject	SOCIAL PROTECTION
dc.subject	SOCIAL PROTECTION EXPENDITURES
dc.subject	SOCIAL SECURITY
dc.subject	SOCIAL WELFARE
dc.subject	SOLVENCY
dc.subject	SOVEREIGN DEBT
dc.subject	STRUCTURAL REFORMS
dc.subject	SUSTAINABILITY ANALYSIS
dc.subject	SUSTAINABLE FISCAL POLICY
dc.subject	TAX
dc.subject	TAX ADMINISTRATION
dc.subject	TAX BASE
dc.subject	TAX CODE
dc.subject	TAX COLLECTION
dc.subject	TAX EXPENDITURE
dc.subject	TAX EXPENDITURES
dc.subject	TAX LAW
dc.subject	TAX PAYMENTS
dc.subject	TAX POLICY
dc.subject	TAX POLICY ANALYSIS
dc.subject	TAX RATE
dc.subject	TAX RATES
dc.subject	TAX REFORM
dc.subject	TAX REGIME
dc.subject	TAX REVENUE
dc.subject	TAX REVENUES
dc.subject	TAX SYSTEM
dc.subject	TAXPAYERS
dc.subject	TOTAL EXPENDITURE
dc.subject	TRADE BALANCE
dc.subject	TURNOVER
dc.subject	TURNOVERS
dc.title	Republic of Armenia - Fiscal Consolidation and Recovery : Synthesis Report
dc.type	Economic & Sector Work :: Other Public Sector Study
dc.coverage	Europe and Central Asia
dc.coverage	Eastern Europe
dc.coverage	Commonwealth of Independent States
dc.coverage	Asia
dc.coverage	Armenia