Republic of Armenia - Fiscal Consolidation and Recovery : Synthesis Report
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).
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| id |
dig-okr-109862807 |
|---|---|
| record_format |
koha |
| institution |
Banco Mundial |
| collection |
DSpace |
| country |
Estados Unidos |
| countrycode |
US |
| component |
Bibliográfico |
| access |
En linea |
| databasecode |
dig-okr |
| tag |
biblioteca |
| region |
America del Norte |
| libraryname |
Biblioteca del Banco Mundial |
| language |
English |
| topic |
ALLOCATION ANALYTICAL CAPACITY ANNUAL RATE ARREARS ASSET MANAGEMENT ASSET VALUE AUTOMATIC STABILIZERS BASELINE SCENARIO BUDGET ALLOCATION BUDGET CONSTRAINT BUDGET DEFICITS CAPITAL EXPENDITURE CENTRAL BANK CENTRAL GOVERNMENT CHECKS COMPENSATORY POLICY COMPLIANCE COST COMPLIANCE COSTS CONSOLIDATION PROCESS CONTINGENT LIABILITIES CORPORATE INCOME TAX CREDIT FACILITY CREDITORS CREDITWORTHINESS CURRENCY CURRENT ACCOUNT DEFICIT DATA COLLECTION DEBT DEBT ACCUMULATION DEBT BURDEN DEBT DYNAMICS DEBT LEVEL DEBT MANAGEMENT DEBT OBLIGATIONS DEBT RATIO DEBT RATIOS DEBT REDUCTION DEBT SERVICE DEBT SERVICING DEBT SUSTAINABILITY DEFICIT FINANCING DEFICIT REDUCTION DEVELOPMENT BANK DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC MARKET ECONOMIC CLASSIFICATION ECONOMIC CYCLE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIC RECOVERY ECONOMIC SHOCKS EDUCATION EXPENDITURES EDUCATION SPENDING EDUCATION SYSTEM EFFICIENCY GAINS ENFORCEMENT PROCESS ENTRY BARRIERS EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXPENDITURE EXPENDITURE ANALYSIS EXPENDITURE CUTS EXPENDITURE PRIORITIES EXPENDITURE RATIONALIZATION EXPENDITURES EXTENDED FUND FACILITY EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL DEFICITS EXTERNAL FINANCING EXTERNAL SHOCKS FINANCIAL ASSET FINANCIAL CRISIS FISCAL AFFAIRS FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL FRAMEWORK FISCAL FRAMEWORKS FISCAL IMPACT FISCAL POLICY FISCAL RETRENCHMENT FISCAL STANCE FISCAL SUSTAINABILITY FOREIGN CURRENCY FOREIGN DEBT FOREIGN EXCHANGE FOREIGN INVESTORS FORMAL ECONOMY FRAUD GLOBAL ECONOMY GOVERNMENT EMPLOYMENT GOVERNMENT FINANCE GOVERNMENT FINANCE STATISTICS GOVERNMENT FINANCES GROSS DEBT GROSS DOMESTIC PRODUCT HEALTH CARE HEALTH EXPENDITURE HEALTH EXPENDITURES HEALTH OUTCOMES HEALTH SERVICES HEALTH SPENDING HUMAN CAPITAL HUMAN RESOURCE IMPLICIT TAX INCOME LEVELS INCOME STREAM INCOME TAX INDEBTEDNESS INFLATION INFORMATION FLOW INFORMATION SYSTEM INFRASTRUCTURE EXPENDITURE INITIAL DEBT INSTRUMENT INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATES INTERNATIONAL FINANCE INTERNATIONAL STANDARDS LEVEL OF DEBT LIABILITY LIQUIDITY LIQUIDITY PROBLEM MACROECONOMIC FRAMEWORK MACROECONOMIC SITUATION MEDIUM TERM EXPENDITURE MEDIUM TERM EXPENDITURE FRAMEWORK MINISTRY OF FINANCE MONETARY FUND NATIONAL INCOME NATURAL RESOURCES NEGATIVE EXTERNALITIES NET PRESENT VALUE OPPORTUNITY COSTS PENSIONS PERSONAL INCOME PERSONAL INCOME TAX POSSIBILITY OF DEFAULT POVERTY REDUCTION POVERTY REDUCTION STRATEGY POVERTY-REDUCING EXPENDITURES PRIVATE INVESTMENT PROGRAMS PRUDENT FISCAL MANAGEMENT PUBLIC DEBT PUBLIC DEBT STOCK PUBLIC EMPLOYMENT PUBLIC EXPENDITURE PUBLIC EXPENDITURE REVIEW PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC REVENUE PUBLIC SECTOR PUBLIC SECTOR DEBT PUBLIC SERVICE PUBLIC SERVICES PUBLIC SPENDING QUALITY OF EDUCATION REAL GROWTH REAL INTEREST REAL INTEREST RATE REMITTANCES REPAYMENT REPAYMENT CAPACITIES REPAYMENT CAPACITY REPAYMENTS RESERVE RETURN RETURNS REVENUE INCREASES ROAD MAINTENANCE ROAD NETWORK ROAD TRANSPORT SAFETY NET SAFETY NETS SHARE OF INVESTMENTS SHORT MATURITY SHORT-TERM DEBT SMALL BUSINESSES SOCIAL CONTRIBUTIONS SOCIAL PROTECTION SOCIAL PROTECTION EXPENDITURES SOCIAL SECURITY SOCIAL WELFARE SOLVENCY SOVEREIGN DEBT STRUCTURAL REFORMS SUSTAINABILITY ANALYSIS SUSTAINABLE FISCAL POLICY TAX TAX ADMINISTRATION TAX BASE TAX CODE TAX COLLECTION TAX EXPENDITURE TAX EXPENDITURES TAX LAW TAX PAYMENTS TAX POLICY TAX POLICY ANALYSIS TAX RATE TAX RATES TAX REFORM TAX REGIME TAX REVENUE TAX REVENUES TAX SYSTEM TAXPAYERS TOTAL EXPENDITURE TRADE BALANCE TURNOVER TURNOVERS ALLOCATION ANALYTICAL CAPACITY ANNUAL RATE ARREARS ASSET MANAGEMENT ASSET VALUE AUTOMATIC STABILIZERS BASELINE SCENARIO BUDGET ALLOCATION BUDGET CONSTRAINT BUDGET DEFICITS CAPITAL EXPENDITURE CENTRAL BANK CENTRAL GOVERNMENT CHECKS COMPENSATORY POLICY COMPLIANCE COST COMPLIANCE COSTS CONSOLIDATION PROCESS CONTINGENT LIABILITIES CORPORATE INCOME TAX CREDIT FACILITY CREDITORS CREDITWORTHINESS CURRENCY CURRENT ACCOUNT DEFICIT DATA COLLECTION DEBT DEBT ACCUMULATION DEBT BURDEN DEBT DYNAMICS DEBT LEVEL DEBT MANAGEMENT DEBT OBLIGATIONS DEBT RATIO DEBT RATIOS DEBT REDUCTION DEBT SERVICE DEBT SERVICING DEBT SUSTAINABILITY DEFICIT FINANCING DEFICIT REDUCTION DEVELOPMENT BANK DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC MARKET ECONOMIC CLASSIFICATION ECONOMIC CYCLE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIC RECOVERY ECONOMIC SHOCKS EDUCATION EXPENDITURES EDUCATION SPENDING EDUCATION SYSTEM EFFICIENCY GAINS ENFORCEMENT PROCESS ENTRY BARRIERS EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXPENDITURE EXPENDITURE ANALYSIS EXPENDITURE CUTS EXPENDITURE PRIORITIES EXPENDITURE RATIONALIZATION EXPENDITURES EXTENDED FUND FACILITY EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL DEFICITS EXTERNAL FINANCING EXTERNAL SHOCKS FINANCIAL ASSET FINANCIAL CRISIS FISCAL AFFAIRS FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL FRAMEWORK FISCAL FRAMEWORKS FISCAL IMPACT FISCAL POLICY FISCAL RETRENCHMENT FISCAL STANCE FISCAL SUSTAINABILITY FOREIGN CURRENCY FOREIGN DEBT FOREIGN EXCHANGE FOREIGN INVESTORS FORMAL ECONOMY FRAUD GLOBAL ECONOMY GOVERNMENT EMPLOYMENT GOVERNMENT FINANCE GOVERNMENT FINANCE STATISTICS GOVERNMENT FINANCES GROSS DEBT GROSS DOMESTIC PRODUCT HEALTH CARE HEALTH EXPENDITURE HEALTH EXPENDITURES HEALTH OUTCOMES HEALTH SERVICES HEALTH SPENDING HUMAN CAPITAL HUMAN RESOURCE IMPLICIT TAX INCOME LEVELS INCOME STREAM INCOME TAX INDEBTEDNESS INFLATION INFORMATION FLOW INFORMATION SYSTEM INFRASTRUCTURE EXPENDITURE INITIAL DEBT INSTRUMENT INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATES INTERNATIONAL FINANCE INTERNATIONAL STANDARDS LEVEL OF DEBT LIABILITY LIQUIDITY LIQUIDITY PROBLEM MACROECONOMIC FRAMEWORK MACROECONOMIC SITUATION MEDIUM TERM EXPENDITURE MEDIUM TERM EXPENDITURE FRAMEWORK MINISTRY OF FINANCE MONETARY FUND NATIONAL INCOME NATURAL RESOURCES NEGATIVE EXTERNALITIES NET PRESENT VALUE OPPORTUNITY COSTS PENSIONS PERSONAL INCOME PERSONAL INCOME TAX POSSIBILITY OF DEFAULT POVERTY REDUCTION POVERTY REDUCTION STRATEGY POVERTY-REDUCING EXPENDITURES PRIVATE INVESTMENT PROGRAMS PRUDENT FISCAL MANAGEMENT PUBLIC DEBT PUBLIC DEBT STOCK PUBLIC EMPLOYMENT PUBLIC EXPENDITURE PUBLIC EXPENDITURE REVIEW PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC REVENUE PUBLIC SECTOR PUBLIC SECTOR DEBT PUBLIC SERVICE PUBLIC SERVICES PUBLIC SPENDING QUALITY OF EDUCATION REAL GROWTH REAL INTEREST REAL INTEREST RATE REMITTANCES REPAYMENT REPAYMENT CAPACITIES REPAYMENT CAPACITY REPAYMENTS RESERVE RETURN RETURNS REVENUE INCREASES ROAD MAINTENANCE ROAD NETWORK ROAD TRANSPORT SAFETY NET SAFETY NETS SHARE OF INVESTMENTS SHORT MATURITY SHORT-TERM DEBT SMALL BUSINESSES SOCIAL CONTRIBUTIONS SOCIAL PROTECTION SOCIAL PROTECTION EXPENDITURES SOCIAL SECURITY SOCIAL WELFARE SOLVENCY SOVEREIGN DEBT STRUCTURAL REFORMS SUSTAINABILITY ANALYSIS SUSTAINABLE FISCAL POLICY TAX TAX ADMINISTRATION TAX BASE TAX CODE TAX COLLECTION TAX EXPENDITURE TAX EXPENDITURES TAX LAW TAX PAYMENTS TAX POLICY TAX POLICY ANALYSIS TAX RATE TAX RATES TAX REFORM TAX REGIME TAX REVENUE TAX REVENUES TAX SYSTEM TAXPAYERS TOTAL EXPENDITURE TRADE BALANCE TURNOVER TURNOVERS |
| spellingShingle |
ALLOCATION ANALYTICAL CAPACITY ANNUAL RATE ARREARS ASSET MANAGEMENT ASSET VALUE AUTOMATIC STABILIZERS BASELINE SCENARIO BUDGET ALLOCATION BUDGET CONSTRAINT BUDGET DEFICITS CAPITAL EXPENDITURE CENTRAL BANK CENTRAL GOVERNMENT CHECKS COMPENSATORY POLICY COMPLIANCE COST COMPLIANCE COSTS CONSOLIDATION PROCESS CONTINGENT LIABILITIES CORPORATE INCOME TAX CREDIT FACILITY CREDITORS CREDITWORTHINESS CURRENCY CURRENT ACCOUNT DEFICIT DATA COLLECTION DEBT DEBT ACCUMULATION DEBT BURDEN DEBT DYNAMICS DEBT LEVEL DEBT MANAGEMENT DEBT OBLIGATIONS DEBT RATIO DEBT RATIOS DEBT REDUCTION DEBT SERVICE DEBT SERVICING DEBT SUSTAINABILITY DEFICIT FINANCING DEFICIT REDUCTION DEVELOPMENT BANK DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC MARKET ECONOMIC CLASSIFICATION ECONOMIC CYCLE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIC RECOVERY ECONOMIC SHOCKS EDUCATION EXPENDITURES EDUCATION SPENDING EDUCATION SYSTEM EFFICIENCY GAINS ENFORCEMENT PROCESS ENTRY BARRIERS EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXPENDITURE EXPENDITURE ANALYSIS EXPENDITURE CUTS EXPENDITURE PRIORITIES EXPENDITURE RATIONALIZATION EXPENDITURES EXTENDED FUND FACILITY EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL DEFICITS EXTERNAL FINANCING EXTERNAL SHOCKS FINANCIAL ASSET FINANCIAL CRISIS FISCAL AFFAIRS FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL FRAMEWORK FISCAL FRAMEWORKS FISCAL IMPACT FISCAL POLICY FISCAL RETRENCHMENT FISCAL STANCE FISCAL SUSTAINABILITY FOREIGN CURRENCY FOREIGN DEBT FOREIGN EXCHANGE FOREIGN INVESTORS FORMAL ECONOMY FRAUD GLOBAL ECONOMY GOVERNMENT EMPLOYMENT GOVERNMENT FINANCE GOVERNMENT FINANCE STATISTICS GOVERNMENT FINANCES GROSS DEBT GROSS DOMESTIC PRODUCT HEALTH CARE HEALTH EXPENDITURE HEALTH EXPENDITURES HEALTH OUTCOMES HEALTH SERVICES HEALTH SPENDING HUMAN CAPITAL HUMAN RESOURCE IMPLICIT TAX INCOME LEVELS INCOME STREAM INCOME TAX INDEBTEDNESS INFLATION INFORMATION FLOW INFORMATION SYSTEM INFRASTRUCTURE EXPENDITURE INITIAL DEBT INSTRUMENT INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATES INTERNATIONAL FINANCE INTERNATIONAL STANDARDS LEVEL OF DEBT LIABILITY LIQUIDITY LIQUIDITY PROBLEM MACROECONOMIC FRAMEWORK MACROECONOMIC SITUATION MEDIUM TERM EXPENDITURE MEDIUM TERM EXPENDITURE FRAMEWORK MINISTRY OF FINANCE MONETARY FUND NATIONAL INCOME NATURAL RESOURCES NEGATIVE EXTERNALITIES NET PRESENT VALUE OPPORTUNITY COSTS PENSIONS PERSONAL INCOME PERSONAL INCOME TAX POSSIBILITY OF DEFAULT POVERTY REDUCTION POVERTY REDUCTION STRATEGY POVERTY-REDUCING EXPENDITURES PRIVATE INVESTMENT PROGRAMS PRUDENT FISCAL MANAGEMENT PUBLIC DEBT PUBLIC DEBT STOCK PUBLIC EMPLOYMENT PUBLIC EXPENDITURE PUBLIC EXPENDITURE REVIEW PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC REVENUE PUBLIC SECTOR PUBLIC SECTOR DEBT PUBLIC SERVICE PUBLIC SERVICES PUBLIC SPENDING QUALITY OF EDUCATION REAL GROWTH REAL INTEREST REAL INTEREST RATE REMITTANCES REPAYMENT REPAYMENT CAPACITIES REPAYMENT CAPACITY REPAYMENTS RESERVE RETURN RETURNS REVENUE INCREASES ROAD MAINTENANCE ROAD NETWORK ROAD TRANSPORT SAFETY NET SAFETY NETS SHARE OF INVESTMENTS SHORT MATURITY SHORT-TERM DEBT SMALL BUSINESSES SOCIAL CONTRIBUTIONS SOCIAL PROTECTION SOCIAL PROTECTION EXPENDITURES SOCIAL SECURITY SOCIAL WELFARE SOLVENCY SOVEREIGN DEBT STRUCTURAL REFORMS SUSTAINABILITY ANALYSIS SUSTAINABLE FISCAL POLICY TAX TAX ADMINISTRATION TAX BASE TAX CODE TAX COLLECTION TAX EXPENDITURE TAX EXPENDITURES TAX LAW TAX PAYMENTS TAX POLICY TAX POLICY ANALYSIS TAX RATE TAX RATES TAX REFORM TAX REGIME TAX REVENUE TAX REVENUES TAX SYSTEM TAXPAYERS TOTAL EXPENDITURE TRADE BALANCE TURNOVER TURNOVERS ALLOCATION ANALYTICAL CAPACITY ANNUAL RATE ARREARS ASSET MANAGEMENT ASSET VALUE AUTOMATIC STABILIZERS BASELINE SCENARIO BUDGET ALLOCATION BUDGET CONSTRAINT BUDGET DEFICITS CAPITAL EXPENDITURE CENTRAL BANK CENTRAL GOVERNMENT CHECKS COMPENSATORY POLICY COMPLIANCE COST COMPLIANCE COSTS CONSOLIDATION PROCESS CONTINGENT LIABILITIES CORPORATE INCOME TAX CREDIT FACILITY CREDITORS CREDITWORTHINESS CURRENCY CURRENT ACCOUNT DEFICIT DATA COLLECTION DEBT DEBT ACCUMULATION DEBT BURDEN DEBT DYNAMICS DEBT LEVEL DEBT MANAGEMENT DEBT OBLIGATIONS DEBT RATIO DEBT RATIOS DEBT REDUCTION DEBT SERVICE DEBT SERVICING DEBT SUSTAINABILITY DEFICIT FINANCING DEFICIT REDUCTION DEVELOPMENT BANK DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC MARKET ECONOMIC CLASSIFICATION ECONOMIC CYCLE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIC RECOVERY ECONOMIC SHOCKS EDUCATION EXPENDITURES EDUCATION SPENDING EDUCATION SYSTEM EFFICIENCY GAINS ENFORCEMENT PROCESS ENTRY BARRIERS EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXPENDITURE EXPENDITURE ANALYSIS EXPENDITURE CUTS EXPENDITURE PRIORITIES EXPENDITURE RATIONALIZATION EXPENDITURES EXTENDED FUND FACILITY EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL DEFICITS EXTERNAL FINANCING EXTERNAL SHOCKS FINANCIAL ASSET FINANCIAL CRISIS FISCAL AFFAIRS FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL FRAMEWORK FISCAL FRAMEWORKS FISCAL IMPACT FISCAL POLICY FISCAL RETRENCHMENT FISCAL STANCE FISCAL SUSTAINABILITY FOREIGN CURRENCY FOREIGN DEBT FOREIGN EXCHANGE FOREIGN INVESTORS FORMAL ECONOMY FRAUD GLOBAL ECONOMY GOVERNMENT EMPLOYMENT GOVERNMENT FINANCE GOVERNMENT FINANCE STATISTICS GOVERNMENT FINANCES GROSS DEBT GROSS DOMESTIC PRODUCT HEALTH CARE HEALTH EXPENDITURE HEALTH EXPENDITURES HEALTH OUTCOMES HEALTH SERVICES HEALTH SPENDING HUMAN CAPITAL HUMAN RESOURCE IMPLICIT TAX INCOME LEVELS INCOME STREAM INCOME TAX INDEBTEDNESS INFLATION INFORMATION FLOW INFORMATION SYSTEM INFRASTRUCTURE EXPENDITURE INITIAL DEBT INSTRUMENT INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATES INTERNATIONAL FINANCE INTERNATIONAL STANDARDS LEVEL OF DEBT LIABILITY LIQUIDITY LIQUIDITY PROBLEM MACROECONOMIC FRAMEWORK MACROECONOMIC SITUATION MEDIUM TERM EXPENDITURE MEDIUM TERM EXPENDITURE FRAMEWORK MINISTRY OF FINANCE MONETARY FUND NATIONAL INCOME NATURAL RESOURCES NEGATIVE EXTERNALITIES NET PRESENT VALUE OPPORTUNITY COSTS PENSIONS PERSONAL INCOME PERSONAL INCOME TAX POSSIBILITY OF DEFAULT POVERTY REDUCTION POVERTY REDUCTION STRATEGY POVERTY-REDUCING EXPENDITURES PRIVATE INVESTMENT PROGRAMS PRUDENT FISCAL MANAGEMENT PUBLIC DEBT PUBLIC DEBT STOCK PUBLIC EMPLOYMENT PUBLIC EXPENDITURE PUBLIC EXPENDITURE REVIEW PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC REVENUE PUBLIC SECTOR PUBLIC SECTOR DEBT PUBLIC SERVICE PUBLIC SERVICES PUBLIC SPENDING QUALITY OF EDUCATION REAL GROWTH REAL INTEREST REAL INTEREST RATE REMITTANCES REPAYMENT REPAYMENT CAPACITIES REPAYMENT CAPACITY REPAYMENTS RESERVE RETURN RETURNS REVENUE INCREASES ROAD MAINTENANCE ROAD NETWORK ROAD TRANSPORT SAFETY NET SAFETY NETS SHARE OF INVESTMENTS SHORT MATURITY SHORT-TERM DEBT SMALL BUSINESSES SOCIAL CONTRIBUTIONS SOCIAL PROTECTION SOCIAL PROTECTION EXPENDITURES SOCIAL SECURITY SOCIAL WELFARE SOLVENCY SOVEREIGN DEBT STRUCTURAL REFORMS SUSTAINABILITY ANALYSIS SUSTAINABLE FISCAL POLICY TAX TAX ADMINISTRATION TAX BASE TAX CODE TAX COLLECTION TAX EXPENDITURE TAX EXPENDITURES TAX LAW TAX PAYMENTS TAX POLICY TAX POLICY ANALYSIS TAX RATE TAX RATES TAX REFORM TAX REGIME TAX REVENUE TAX REVENUES TAX SYSTEM TAXPAYERS TOTAL EXPENDITURE TRADE BALANCE TURNOVER TURNOVERS World Bank Republic of Armenia - Fiscal Consolidation and Recovery : Synthesis Report |
| 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). |
| topic_facet |
ALLOCATION ANALYTICAL CAPACITY ANNUAL RATE ARREARS ASSET MANAGEMENT ASSET VALUE AUTOMATIC STABILIZERS BASELINE SCENARIO BUDGET ALLOCATION BUDGET CONSTRAINT BUDGET DEFICITS CAPITAL EXPENDITURE CENTRAL BANK CENTRAL GOVERNMENT CHECKS COMPENSATORY POLICY COMPLIANCE COST COMPLIANCE COSTS CONSOLIDATION PROCESS CONTINGENT LIABILITIES CORPORATE INCOME TAX CREDIT FACILITY CREDITORS CREDITWORTHINESS CURRENCY CURRENT ACCOUNT DEFICIT DATA COLLECTION DEBT DEBT ACCUMULATION DEBT BURDEN DEBT DYNAMICS DEBT LEVEL DEBT MANAGEMENT DEBT OBLIGATIONS DEBT RATIO DEBT RATIOS DEBT REDUCTION DEBT SERVICE DEBT SERVICING DEBT SUSTAINABILITY DEFICIT FINANCING DEFICIT REDUCTION DEVELOPMENT BANK DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC MARKET ECONOMIC CLASSIFICATION ECONOMIC CYCLE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIC RECOVERY ECONOMIC SHOCKS EDUCATION EXPENDITURES EDUCATION SPENDING EDUCATION SYSTEM EFFICIENCY GAINS ENFORCEMENT PROCESS ENTRY BARRIERS EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXPENDITURE EXPENDITURE ANALYSIS EXPENDITURE CUTS EXPENDITURE PRIORITIES EXPENDITURE RATIONALIZATION EXPENDITURES EXTENDED FUND FACILITY EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL DEFICITS EXTERNAL FINANCING EXTERNAL SHOCKS FINANCIAL ASSET FINANCIAL CRISIS FISCAL AFFAIRS FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL FRAMEWORK FISCAL FRAMEWORKS FISCAL IMPACT FISCAL POLICY FISCAL RETRENCHMENT FISCAL STANCE FISCAL SUSTAINABILITY FOREIGN CURRENCY FOREIGN DEBT FOREIGN EXCHANGE FOREIGN INVESTORS FORMAL ECONOMY FRAUD GLOBAL ECONOMY GOVERNMENT EMPLOYMENT GOVERNMENT FINANCE GOVERNMENT FINANCE STATISTICS GOVERNMENT FINANCES GROSS DEBT GROSS DOMESTIC PRODUCT HEALTH CARE HEALTH EXPENDITURE HEALTH EXPENDITURES HEALTH OUTCOMES HEALTH SERVICES HEALTH SPENDING HUMAN CAPITAL HUMAN RESOURCE IMPLICIT TAX INCOME LEVELS INCOME STREAM INCOME TAX INDEBTEDNESS INFLATION INFORMATION FLOW INFORMATION SYSTEM INFRASTRUCTURE EXPENDITURE INITIAL DEBT INSTRUMENT INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATES INTERNATIONAL FINANCE INTERNATIONAL STANDARDS LEVEL OF DEBT LIABILITY LIQUIDITY LIQUIDITY PROBLEM MACROECONOMIC FRAMEWORK MACROECONOMIC SITUATION MEDIUM TERM EXPENDITURE MEDIUM TERM EXPENDITURE FRAMEWORK MINISTRY OF FINANCE MONETARY FUND NATIONAL INCOME NATURAL RESOURCES NEGATIVE EXTERNALITIES NET PRESENT VALUE OPPORTUNITY COSTS PENSIONS PERSONAL INCOME PERSONAL INCOME TAX POSSIBILITY OF DEFAULT POVERTY REDUCTION POVERTY REDUCTION STRATEGY POVERTY-REDUCING EXPENDITURES PRIVATE INVESTMENT PROGRAMS PRUDENT FISCAL MANAGEMENT PUBLIC DEBT PUBLIC DEBT STOCK PUBLIC EMPLOYMENT PUBLIC EXPENDITURE PUBLIC EXPENDITURE REVIEW PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC REVENUE PUBLIC SECTOR PUBLIC SECTOR DEBT PUBLIC SERVICE PUBLIC SERVICES PUBLIC SPENDING QUALITY OF EDUCATION REAL GROWTH REAL INTEREST REAL INTEREST RATE REMITTANCES REPAYMENT REPAYMENT CAPACITIES REPAYMENT CAPACITY REPAYMENTS RESERVE RETURN RETURNS REVENUE INCREASES ROAD MAINTENANCE ROAD NETWORK ROAD TRANSPORT SAFETY NET SAFETY NETS SHARE OF INVESTMENTS SHORT MATURITY SHORT-TERM DEBT SMALL BUSINESSES SOCIAL CONTRIBUTIONS SOCIAL PROTECTION SOCIAL PROTECTION EXPENDITURES SOCIAL SECURITY SOCIAL WELFARE SOLVENCY SOVEREIGN DEBT STRUCTURAL REFORMS SUSTAINABILITY ANALYSIS SUSTAINABLE FISCAL POLICY TAX TAX ADMINISTRATION TAX BASE TAX CODE TAX COLLECTION TAX EXPENDITURE TAX EXPENDITURES TAX LAW TAX PAYMENTS TAX POLICY TAX POLICY ANALYSIS TAX RATE TAX RATES TAX REFORM TAX REGIME TAX REVENUE TAX REVENUES TAX SYSTEM TAXPAYERS TOTAL EXPENDITURE TRADE BALANCE TURNOVER TURNOVERS |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Republic of Armenia - Fiscal Consolidation and Recovery : Synthesis Report |
| title_short |
Republic of Armenia - Fiscal Consolidation and Recovery : Synthesis Report |
| title_full |
Republic of Armenia - Fiscal Consolidation and Recovery : Synthesis Report |
| title_fullStr |
Republic of Armenia - Fiscal Consolidation and Recovery : Synthesis Report |
| title_full_unstemmed |
Republic of Armenia - Fiscal Consolidation and Recovery : Synthesis Report |
| title_sort |
republic of armenia - fiscal consolidation and recovery : synthesis report |
| publisher |
World Bank |
| publishDate |
2011-11-01 |
| url |
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 https://hdl.handle.net/10986/2807 |
| work_keys_str_mv |
AT worldbank republicofarmeniafiscalconsolidationandrecoverysynthesisreport |
| _version_ |
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dig-okr-1098628072024-08-08T15:27:48Z Republic of Armenia - Fiscal Consolidation and Recovery : Synthesis Report World Bank ALLOCATION ANALYTICAL CAPACITY ANNUAL RATE ARREARS ASSET MANAGEMENT ASSET VALUE AUTOMATIC STABILIZERS BASELINE SCENARIO BUDGET ALLOCATION BUDGET CONSTRAINT BUDGET DEFICITS CAPITAL EXPENDITURE CENTRAL BANK CENTRAL GOVERNMENT CHECKS COMPENSATORY POLICY COMPLIANCE COST COMPLIANCE COSTS CONSOLIDATION PROCESS CONTINGENT LIABILITIES CORPORATE INCOME TAX CREDIT FACILITY CREDITORS CREDITWORTHINESS CURRENCY CURRENT ACCOUNT DEFICIT DATA COLLECTION DEBT DEBT ACCUMULATION DEBT BURDEN DEBT DYNAMICS DEBT LEVEL DEBT MANAGEMENT DEBT OBLIGATIONS DEBT RATIO DEBT RATIOS DEBT REDUCTION DEBT SERVICE DEBT SERVICING DEBT SUSTAINABILITY DEFICIT FINANCING DEFICIT REDUCTION DEVELOPMENT BANK DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC MARKET ECONOMIC CLASSIFICATION ECONOMIC CYCLE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIC RECOVERY ECONOMIC SHOCKS EDUCATION EXPENDITURES EDUCATION SPENDING EDUCATION SYSTEM EFFICIENCY GAINS ENFORCEMENT PROCESS ENTRY BARRIERS EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXPENDITURE EXPENDITURE ANALYSIS EXPENDITURE CUTS EXPENDITURE PRIORITIES EXPENDITURE RATIONALIZATION EXPENDITURES EXTENDED FUND FACILITY EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL DEFICITS EXTERNAL FINANCING EXTERNAL SHOCKS FINANCIAL ASSET FINANCIAL CRISIS FISCAL AFFAIRS FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL FRAMEWORK FISCAL FRAMEWORKS FISCAL IMPACT FISCAL POLICY FISCAL RETRENCHMENT FISCAL STANCE FISCAL SUSTAINABILITY FOREIGN CURRENCY FOREIGN DEBT FOREIGN EXCHANGE FOREIGN INVESTORS FORMAL ECONOMY FRAUD GLOBAL ECONOMY GOVERNMENT EMPLOYMENT GOVERNMENT FINANCE GOVERNMENT FINANCE STATISTICS GOVERNMENT FINANCES GROSS DEBT GROSS DOMESTIC PRODUCT HEALTH CARE HEALTH EXPENDITURE HEALTH EXPENDITURES HEALTH OUTCOMES HEALTH SERVICES HEALTH SPENDING HUMAN CAPITAL HUMAN RESOURCE IMPLICIT TAX INCOME LEVELS INCOME STREAM INCOME TAX INDEBTEDNESS INFLATION INFORMATION FLOW INFORMATION SYSTEM INFRASTRUCTURE EXPENDITURE INITIAL DEBT INSTRUMENT INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATES INTERNATIONAL FINANCE INTERNATIONAL STANDARDS LEVEL OF DEBT LIABILITY LIQUIDITY LIQUIDITY PROBLEM MACROECONOMIC FRAMEWORK MACROECONOMIC SITUATION MEDIUM TERM EXPENDITURE MEDIUM TERM EXPENDITURE FRAMEWORK MINISTRY OF FINANCE MONETARY FUND NATIONAL INCOME NATURAL RESOURCES NEGATIVE EXTERNALITIES NET PRESENT VALUE OPPORTUNITY COSTS PENSIONS PERSONAL INCOME PERSONAL INCOME TAX POSSIBILITY OF DEFAULT POVERTY REDUCTION POVERTY REDUCTION STRATEGY POVERTY-REDUCING EXPENDITURES PRIVATE INVESTMENT PROGRAMS PRUDENT FISCAL MANAGEMENT PUBLIC DEBT PUBLIC DEBT STOCK PUBLIC EMPLOYMENT PUBLIC EXPENDITURE PUBLIC EXPENDITURE REVIEW PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC REVENUE PUBLIC SECTOR PUBLIC SECTOR DEBT PUBLIC SERVICE PUBLIC SERVICES PUBLIC SPENDING QUALITY OF EDUCATION REAL GROWTH REAL INTEREST REAL INTEREST RATE REMITTANCES REPAYMENT REPAYMENT CAPACITIES REPAYMENT CAPACITY REPAYMENTS RESERVE RETURN RETURNS REVENUE INCREASES ROAD MAINTENANCE ROAD NETWORK ROAD TRANSPORT SAFETY NET SAFETY NETS SHARE OF INVESTMENTS SHORT MATURITY SHORT-TERM DEBT SMALL BUSINESSES SOCIAL CONTRIBUTIONS SOCIAL PROTECTION SOCIAL PROTECTION EXPENDITURES SOCIAL SECURITY SOCIAL WELFARE SOLVENCY SOVEREIGN DEBT STRUCTURAL REFORMS SUSTAINABILITY ANALYSIS SUSTAINABLE FISCAL POLICY TAX TAX ADMINISTRATION TAX BASE TAX CODE TAX COLLECTION TAX EXPENDITURE TAX EXPENDITURES TAX LAW TAX PAYMENTS TAX POLICY TAX POLICY ANALYSIS TAX RATE TAX RATES TAX REFORM TAX REGIME TAX REVENUE TAX REVENUES TAX SYSTEM TAXPAYERS TOTAL EXPENDITURE TRADE BALANCE TURNOVER TURNOVERS 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). 2012-03-19T10:14:04Z 2012-03-19T10:14:04Z 2011-11-01 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 https://hdl.handle.net/10986/2807 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank application/pdf text/plain World Bank |