Low labor capacity among evident problems of Armenia’s economyDecember 24, 2010 - 15:17 AMT PanARMENIAN.Net - Board member and leading analyst of Economy and Values research center Sevak Hovhannisyan said that the global financial crisis showed that Armenia’s economy reacts rather rapidly to global developments. Armenia is among the countries, which recorded a significant drop in GDP in 2009 and slow rehabilitation of economy in 2010, Hovhannisyan said, presenting 2010 Report on Armenia’s National Competitiveness: Challenges of Higher Education. “Low labor capacity is among the evident problems of Armenia’s economy. 70% of the country’s population is employed in the fields of low capacity,” he said. According to the expert, a working person in Armenia annually produces goods and services at the amount of $7,930, while the figure reaches $68,400 in Israel. Labor capacity is distributed unevenly among the fields in Armenia, like in majority of developing countries. The fields of financial intermediation, business service and construction have high labor capacity. And the labor capacity in these fields exceeds the capacity in agriculture, education, healthcare and other fields by seven times. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Macron honors Charles Aznavour on 100th anniversary French President Emmanuel Macron has paid tribute to the memory of French-Armenian crooner Charles Aznavour. Erdogan’s approval rating falls below 40 percent: survey A total of 53.4 percent of respondents said they disapprove of the performance of Erdoğan. Blinken says U.S. reviewing a number of aid requests from Armenia He said the U.S. is reviewing the requests to determine what more it can do to increase its assistance to Armenia. At least 2 CSTO members participated in preparing 44-day war against Armenia – PM Nikol Pashinyan has declared that at least two CSTO member countries participated in preparations for the 44-day war against Armenia. |