러시아ㆍ유라시아

Armenia’s “Velvet Revolution” resulted in a peaceful transition of power. The new government of Armenia took early steps to deliver on its declared commitment of fighting corruption, alleviating tax evasion, reducing the shadow economy and tackling monopolisation.

Strong GDP growth has been largely unaffected by political developments. Following a growth stagnation in 2016, economic growth rebounded to 7.5 per cent in 2017 and then to 8.3 per cent in the first half of 2018.

The fiscal framework has been refined to strike a better balance between stimulation of growth and public debt reduction. The new fiscal rule has been introduced with the aim of providing more flexibility for growth-enhancing capital expenditure while keeping current spending in check.