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About 15% of Armenia's labour resources underutilized: employment strategy for 2025-2031 presented
... nor working will reach 19.6 % instead of 35 % in 2022. - The labour force participation rate will exceed 60% and the number of employees will increase by 252,000 to reach 1.4 million. - The employment programme will have a significant impact on the poverty rate, which will fall to 19%.-0-
12/16/2024Armenia to receive $100m from World Bank for creation of tourism clusters
... Association, the International Bank for Reconstruction and Development and trust funds. Currently, the WB is financing 10 projects in Armenia with a total value of $500 million. The World Bank intends to continue to support Armenia's development towards poverty reduction and shared prosperity.-0-
12/10/2024WB may assist Armenia in expanding tourism clusters in the country
... Association, International Bank for Reconstruction and Development and trust funds. The WB is currently financing 10 projects in Armenia with a total value of $500 million. The World Bank is committed to continue to support Armenia's development towards poverty reduction and shared prosperity. -0-
12/06/2024Armenia's poverty rate reached 23.7% by end of 2023
... compared to the previous year, according to a report by the National Statistical Committee. At the same time, the extreme poverty rate for the previous year was 1.1%, decreasing by 0.1 percentage points compared to 2022. According to the report, extreme/food poverty in 2023 was 1.1% (compared to 1.2% in 2022), the lower poverty threshold stood at 9.7% (down from 11.6% in 2022), and the upper poverty threshold was 42.6% (up from 24.8% in 2022). The urban poverty rate in 2023 was 21.5% (down from 22.1% in 2022),...
12/02/2024$9bn investment can help Armenia decarbonise economy and improve energy security - WB report
... climate change on the water and agriculture sectors alone could shrink Armenia’s economy by up to 3% by 2060 and increase poverty by as much as 2.7 percentage points by 2030. Investments to reduce the impacts of climate damage would, in contrast, expand ... ... policy reforms, can help Armenia enhance energy security through clean, domestic energy; boost agriculture productivity, improve food security, and strengthen resilience against climate change. The report estimates that with the right set of policy reforms ...
11/08/2024Mirzoyan: Armenia remains committed to building democratic institutions, sustainable development
... that prevented Armenia from achieving even more. “Yet, as the Secretary-General has stressed in his last report, multiple overlapping crises have negatively impacted global progress in achieving the SDGs by raising the number of people pushed into poverty, weakening food security, increasing inequality, widening gender gaps with particular impact on the vulnerable groups. Use of force, gross violations of human rights, ethnic cleansing, continue to define international relations,” Mirzoyan said.
07/16/2024Poverty rate in Armenia drops to 23.7% in 2023
Extreme/food poverty in 2023 was 1.1% YEREVAN, July 11. /ARKA/. The poverty rate in Armenia, calculated according to the median line, was 23.7% in 2023, down from 24.8% in the previous year, marking a 1.1 % decrease, according to a report published by the National ...
07/11/2024Armenia to implement new welfare assessment model, replacing family benefits
... replace family benefits with need-based allowances. Mkrtchyan stated that the new allowances will be provided to families whose monthly income falls below a threshold, which will be reviewed annually based on the minimum consumer basket or the extreme poverty level. With the new program, able-bodied citizens seeking benefits will be required to seek employment. If a citizen applies for an allowance, they will be treated as a job applicant. Refusing a job offer will prevent the individual from further ...
07/11/2024How to achieve success in the financial market: 10 qualities of a successful investor
... results in any area. People who deny the importance of money often face financial difficulties, become envious or turn their lives into martyrdom. The opposite attitude to earning money - obsessing about getting rich - is also very likely to lead to poverty or inner disharmony and feelings of dissatisfaction. Earning a decent income is not an obligation or slavery. Do not be afraid of money or bow down to it. A successful investor will be a person who sees finance as a tool and understands why it ...
06/10/2024Warren Buffett: strategist, forecaster or lucky guy
... possible with people who motivate your development, with someone who is on a conditionally higher level, who inspires respect and motivates you. He has a negative attitude towards debt in business, considering it the first sign that an investor will face poverty. In the case of borrowed money, expenses can exceed income and ruin the opportunity for growth. Buffett believes that any person, regardless of financial status, somehow comes to the conclusion that the most important thing is health. -Focus ...
05/24/2024Acba Bank will support small and medium-sized businesses in European and Asian markets
... competitive economy," Beck said. The Asian Development Bank was founded in 1966. Since its inception, it has been committed to the prosperity and sustainable development of the Asia-Pacific region by continuing its efforts to eradicate extreme poverty. Acba Bank is controlled by the Central Bank of Armenia. -0-
05/23/2024World Bank Supports Armenia’s Green, Inclusive and Sustainable Development
... provided around $2.7 billion from IBRD, International Development Association (IDA), and various trust funds. Armenia became a donor to IDA in 2023. The World Bank is committed to continuing its support to Armenia in its development path for reducing poverty on livable planet. The GCFF is Financial Intermediary Fund, established in 2016 to provide concessional financing to eligible middle-income countries. The GCFF contributions made available to Armenia under this operation were provided by the Governments ...
05/01/2024Armenian Deputy Prime Minister presents planned reforms in a number of important spheres to head of WB group of countries
..., the International Bank for Reconstruction and Development (IBRD), and trust funds. The WB is currently financing 10 projects in Armenia with a total value of $500 million. The World Bank intends to continue to support Armenia's development towards poverty reduction and shared prosperity. -0-
04/29/2024WB forecasts 3% inflation for Armenia in 2024 and its acceleration in 2025 and 2026
... WB's Europe and Central Asia Economic Update, Spring 2024. WB analysts forecast that average inflation will gradually rise to the inflation target of 4% in the medium term. "Average inflation dropped from 8.6 percent in 2022 to 2 percent in 2023. Poverty and unemployment continued to decline. The economic outlook is subject to significant uncertainty due to ongoing border tensions with Azerbaijan, geopolitical turmoil, integration of refugees, and a possible slowdown in trading partner economies,...
04/12/2024Armenia to receive $3 mln ADB grant to improve food security
... Foundation for Prosperity and Resilience Asia-Pacific (JFPR), aims to improve food security in rural areas vulnerable to the effects of climate change. The program will be implemented in two regions of Armenia - Shirak and Tavush, which have high levels of poverty among smallholder farmers, low food security and are exposed to climate risks. "Ten villages will be provided with climate-resilient energy solutions designed to cut energy costs. Small solar photovoltaic panels will also be procured and revolving funds will be set up in which ...
02/29/2024Armenian Economy Minister says poverty rate dropped in 2023
Armenian Economy Minister Vahan Kerobyan estimates that the poverty rate in the country in 2023 decreased compared to 2022. YEREVAN, January 25. /ARKA/. Armenian Economy Minister Vahan Kerobyan estimates that the poverty rate in the country in 2023 decreased compared to 2022. "In 2023, with 13% growth ...
01/25/2024More than 140 thousand young people in Armenia not involved in any educational program - Minister
... has no alternative in terms of both social and economic development," Andreasyan emphasized. She noted that unskilled labor force is "the most vulnerable group" and, as numerous studies show, it is their families who face the risk of poverty in the future. -0-
01/24/2024Wealth of five richest men doubles since 2020 as five billion people made poorer in "decade of division," says Oxfam
... $14 million per hour— while nearly five billion people have been made poorer, reveals a new Oxfam report on inequality and global corporate power. It says if current trends continue, the world will have its first trillionaire within a decade but poverty won’t be eradicated for another 229 years. According to “Inequality Inc.” report, seven out of ten of the world’s biggest corporations have a billionaire as CEO or principal shareholder. These corporations are worth $10.2 trillion, equivalent ...
01/16/2024Armenian government aims to reduce unemployment rate to below 10% - Kerobyan
... Statistical Committee. The monthly poverty line in Armenia in 2022 for an average adult was 52,883 drams ($121.4), the upper line was 63,060 drams ($144.7), the lower line was 42,708 drams ($98) and the extreme line was 29,934 drams ($68.7). Extreme/food poverty in 2022 was 1.2% (1.5% in 2021), the lower poverty line was 11.6% and the upper line was 41.3%.-0-
12/22/2023Kerobyan: Armenia's economy has "subcutaneous fat"
... of GDP per capita, Armenia improved its position among countries, moving from 114th place to 86 th ,’ the minister said. "We are growing incomparably faster than other countries. And this growth is inclusive. We have also managed to reduce the poverty rate from 26.4% to 24.8%. We have high economic growth and low inflation this year. And this means that by the end of 2023 we will once again significantly reduce the poverty rate," Kerobyan said. He also said that the external debt-to-GDP ...
12/19/2023Over 200 agricultural entities in Armenia are provided with "green" technologies under EU program for 11.7 million Euros.
...," he said. EU-GAIA program manager Pascal Bokkers stressed that the program’s activities were mainly concentrated in Shirak, Lori and Tavush regions, located at high altitudes in border regions. They suffer from weak economic diversification, high poverty and unemployment rates and limited access to markets, as well as increased vulnerabilities of the rural population especially in remote and border parts. He added that assistance to organic agriculture was provided throughout the country. The ...
12/18/2023Armenia had highest unemployment rate among EEU countries in 2022
... highest wage was in Kazakhstan ($673) and the lowest in Kyrgyzstan ($316). In November 2023, Armenian Prime Minister announced a record growth of registered jobs in the country to over 730,000. According to Armenia's National Statistical Committee, the poverty rate in Armenia at the end of 2022 stood at 24.8% against 26.5% in the previous year. According to the forecast of the Ministry of Finance, the unemployment rate in Armenia will drop to 12.3% in 2024. -0-
12/08/2023Armenia Receives $2.9 million Grant to Support Teachers in Providing Psycho-Social Support to Displaced Children from Nagorno-Karabakh
... Association (IDA) to which Armenia became a donor in 2023, from the International Bank for Reconstruction and Development (IBRD), and from trust funds. The World Bank is committed to continuing its support to Armenia in its development path for ending extreme poverty and boosting shared prosperity on a livable planet. -0-
12/08/2023Poverty rate in Armenia was 24.8% in 2022
... According to the report, the monthly poverty line in Armenia in 2022 for an average adult was 52,883 drams ($121.4), the upper line was 63,060 drams ($144.7), the lower line was 42,708 drams ($98) and the extreme line was 29,934 drams ($68.7). Extreme/food poverty in 2022 was 1.2% (1.5% in 2021), the lower poverty line was 11.6% and the upper line was 41.3%. The report also provides an estimate of the depth of poverty (4.7% in 2022), which shows the poverty deficit, that is, how much the average income ...
11/27/2023Overwhelming majority of Armenian labor migrants in 2022 headed for Russia
According to the findings of the Generalized Survey of Living Standards of Armenian Households, 13.5% of households surveyed in 2020-2022 had migrants, the National Statistical Committee said in a report titled "Poverty Situation in Armenia in 2019-2022". YEREVAN, November 24. /ARKA/. According to the findings of the Generalized Survey of Living Standards of Armenian Households, 13.5% of households surveyed in 2020-2022 had migrants, the National ...
11/27/2023Armenian PM says real wages rose and poverty rate dropped
... Speaking at a discussion of the next year’s draft budget in parliament, Pashinyan said there are more opportunities now for citizens to live a better life in Armenia. "More than 170 thousand new jobs have been created since 2018. Compared to 2021, poverty rate has decreased to 24.8% from 26.5%, extreme poverty has decreased from 1.5% to 1.2%. But we don't believe we should spend billions to help people overcome poverty. No, we should create work opportunities so that everyone knows that the only ...
11/16/2023Unemployment rate in Armenia drops to record low
... parliamentary hearing on the draft state budget for 2024. Minister of Labor and Social Affairs Narek Mkrtchyan supported him, saying that the unemployment rate now stands at 11.7%, down 2% from 2022. He expressed confidence that this should be reflected in poverty reduction indicators as well. Earlier, Armenian Prime Minister Nikol Pashinyan said that in September 2023, the number of officially registered jobs set a new record growing to 726,056. -0-
11/06/2023International Rescue Committee calls for sustained support for over 100,000 people displaced from Nagorno-Karabakh
... said in a statement on Thursday, calling for the sustained support for the over 100,000 displaced. According to reports, as few as 50 to 1,000 ethnic Armenians are now left in the region. Armenia, a nation with a population of 2.8 million and over 25% poverty rate, could encounter substantial difficulties in meeting the needs of the displaced individuals as winter approaches. After meeting with displaced Armenians and local NGOs in Goris and Yerevan, the International Rescue Committee (IRC) will support ...
10/20/2023EEU countries attract $24 billion dollars of investments due to "One Belt, One Road" project – Putin
... recalled the UN’s 17 sustainable development goals. He pointed out that the fight for the environment, the fight against climate change are "very important areas, but not the only ones." "You can't forget about such a goal as fighting poverty, for example. How can you say to people in African countries that they will not get oil, petroleum products, and will have to focus exclusively on renewable energy sources , which are largely out of reach for developing economies. So people are ...
10/16/2023Armenia among top 10 countries in the world with lowest crime rate
... the total population, then multiplying the result by 100,000 (because crime rate is typically reported as X number of crimes per 100,000 people). Crime rates vary greatly from country to country and are influenced by many factors. For example, high poverty levels and unemployment tend to inflate a country's crime rate. Conversely, strict police enforcement and severe sentences tend to reduce crime rates. There is also a strong correlation between age and crime, with most crimes, especially violent ...
10/11/2023Youth for Community Development: The Two-Year Project Yields Impressive Results
... program's young participants have already found jobs in their communities, while some of them have successfully established their own businesses. I am very excited, as these results contribute to the realization of the main goal of the program - overcoming poverty in the regions,” mentioned Ms. Hovhannisyan. During the business expo held at the event, the beneficiaries of the program had the chance to showcase their creations to the guests and offer them for sale. “At HSBC, we have a long-standing commitment ...
09/19/2023FINCA Armenia provided $1.5 million in funding for microbusiness development
FINCA Armenia universal credit organization as part of cooperation with MCE Social Capital investment company has received $1.5 million in funding to stay true to its mission of overcoming poverty, creating jobs, helping underprivileged families and improving the quality of life through its financial services in regional and urban communities, the organization's press service reported. YEREVAN, August 17. /ARKA/. FINCA Armenia universal ...
08/17/2023Armenia is one of the leading countries in terms of Gini index - Finance Minister
..., with 0 representing perfect equality and 1 representing perfect inequality,' the minister said. He said by comparison, Armenia's neighbor Georgia's index was 0.34, Sweden's was 0.28 and France's was 0.3. 'Another equally important indicator is the poverty elasticity index, which shows the impact of GDP growth by 1 percentage point on the level of poverty. Thus, the analysis of recent years' indicators has shown that GDP growth by one percent leads to a reduction in poverty by one percent,' the ...
06/15/2023Armenia government adopts concept for gradual introduction of comprehensive health insurance
... According to Health Minister Anahit Avanesyan, the health insurance system is required for providing quality medical services to all citizens, regardless of their financial standing. She said high prices of medical services is one of the reasons of poverty in the country and many of low-income citizens in need of medical aid do not visit doctors for financial reasons.. The minister said early diagnosis of diseases, which can allow avoiding costly treatment in the future has an important place in ...
02/02/2023Kerobyan: People in Armenia have become better off
... in Armenia today live better than a year ago. YEREVAN, February 2. /ARKA/. Armenia's Economy Minister Vahan Kerobyan told journalists on Wednesday that people in Armenia today live better than a year ago. In a comment on a journalist's claim that poverty continues to be high amid double-digit economic growth, recorded in 2022, the minister said that "people live no worse today." "People on average live incomparably better than they did a year ago. That's what economic growth shows....
02/02/2023World Bank expects Armenian economy to grow by 4.1% in 2023 and by 4.8% in 2024
... 2.8%—a full percentage point lower than the 2010-2019 average. In Sub-Saharan Africa—which accounts for about 60% of the world’s extreme poor—growth in per capita income over 2023-24 is expected to average just 1.2%, a rate that could cause poverty rates to rise, not fall. “The crisis facing development is intensifying as the global growth outlook deteriorates,” said World Bank Group President David Malpass. “Emerging and developing countries are facing a multi-year period of slow ...
01/10/2023Minister blames poverty on people who 'prefer sitting on couch and receive assistance from abroad'
... rate drop to 13% in the second quarter of 2022 from 14.5% in 2021. According to him, there were 50,400 officially registered unemployed in the country, which was 8,000 less than in 2021. At the beginning of this year, according to official data, the poverty rate in Armenia stood at 27%. -0-
12/26/2022IFC, Amundi-Acba Launch Partnership to Increase Investment in Armenia’s Infrastructure
... to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org . About Amundi-Acba Amundi-Acba Asset Management was established in Armenia in 2013. Its 2 shareholders ...
12/21/2022Economy Minister hopes for lower than 27% poverty rate at the end of the year
The poverty rate in Armenia at the beginning of this year was about 27%, Armenian Economy Minister Vahan Kerobyan said. YEREVAN, November 30. /ARKA/. The poverty rate in Armenia at the beginning of this year was about 27%, Armenian Economy Minister Vahan ...
11/30/2022Armenia's economic growth in 2022 expected to be close to record levels - Economy Minister
... minister said that at the current stage, high economic growth is accompanied by high inflation, which in turn raises the cost of the subsistence basket. "This means that vulnerable people with low incomes are at risk of being on the other side of the poverty threshold," he said, adding that the government is working to avoid this by raising minimum pensions and wage starting January 1, 2023, and creation of new jobs. "In 2 years, about 74 thousand new jobs have been created," he said....
11/30/2022Armenia’s 2023 budget needs to avoid creating excessive demand pressures - IMF
... their risk management capacity, as well as to develop an enhanced bank resolution framework. “The government’s structural reform agenda appropriately focuses on improving the business environment, fostering productivity, reducing unemployment and poverty, and addressing pressing climate mitigation and adaptation challenges. Achieving these objectives requires developing stronger trade links, building infrastructure to support connectivity; improving transportation, land, and water management and ...
11/03/2022Sixty-four percents of Armenian citizens do not trust any political figure - IRI survey
... most important problems in the country are the situation in the economy and unemployment. Four% of respondents said they are high prices and living costs, 2% of respondents mentioned regional conflicts and the situation with democracy. Another 2% named poverty as the most important problem, and 2% of respondents were undecided. Sixteen percents of the respondents have a very positive opinion about Prime Minister Nikola Pashinyan, 31% have a somewhat positive opinion, 11% - somewhat negative, 22% - very ...
09/12/2022Armenian government to build and repair 300 schools and 500 kindergartens by 2026
... children. We will ensure their right to appropriate education," he said. Prime Minister also noted that the new complexes will open new perspectives not only for children, but also new jobs for their mothers, which will allow many families to overcome poverty. -0-
09/01/2022The only catalyst for Armenia's economic growth is the Russian-Ukrainian conflict – Manaseryan
... their expert group's calculations, more than 200,000 visiting non-tourists have temporarily settled in Armenia, which has artificially boosted Armenia's purchasing power. "The paradox is that along with double-digit growth there is an increase in poverty rate. I want to focus your attention on the fact that about half of Armenia's population is either at or below the poverty line. I do not remember such a paradox and there is no way to explain it. The local population can't afford prices which ...
08/26/2022Bloomberg columnist: Russia is winning in energy markets
... later this year risks undermining Western support for Ukraine. He says also that European politicians who've been eager to win international kudos by flaunting their support for Kyiv may be less willing to foot the domestic bill for averting energy poverty among their own voters.-0--
08/11/2022Armenia is one of ten safest countries of the world
... Guinea, South Africa, Afghanistan, Honduras, Trinidad and Tobago, Guyana, El Salvador, Brazil and Jamaica. World Population Review Crime Index is calculated based on the total number of registered crimes of any kind per total population. Dependence on poverty and unemployment, police control and court sentences are taken into account, and there is also a strong correlation between age and crime. --0--
06/15/2022Half a million people in Armenia suffer from insufficient food consumption
... June 9. /ARKA/. Some 500,000 people in Armenia, whose population is 3 million are undernourished, according to the UN World Food Program's Hunger Map. The number of people suffering from malnutrition has increased by 70,000 over the past month. According ... ... malnutrition and 9.4 percent suffer from chronic malnutrition. According to the World Bank, Armenia recorded a 7% increase in poverty in 2021. In 2020, it was 27%. -0-
06/09/2022UN secretary general: 36 countries depend on Russia and Ukraine for more than half of their wheat imports
“As many as 1.7 billion people — one third of whom are already living in poverty — are now highly exposed to disruptions in food, energy and finance systems that are triggering increases in poverty and hunger,” UN Secretary General Antonio Guterres told reporters on Wednesday, according to TASS. YEREVAN, April 14, /ARKA/. “As many as 1.7 billion people — one third ...
04/14/2022World Bank says Armenia's poverty rate may grow to 39.6% in 2022
... accounted for 40 percent of all tourist arrivals. In addition, Armenia will also be impacted by elevated global food and fuel prices, with fuel imports accounting for 9 percent of imports in 2021. Armenia's Economy Minister Vahan Kerobyan said earlier that food-security risks and the resulting high inflation are expected to increase the poverty level across the country by the end of the year. "If we fail to ensure fair distribution of the growth among all layers of the population, and if the income of people from vulnerable groups does not grow, we will have the current poverty ...
04/11/2022World Bank lowers growth forecast for Armenian economy in 2022 to 1.2%
... war. Also, higher commodity prices will keep inflationary pressures elevated in 2022, but CBA’s inflation targeting is expected to anchor inflation in the medium-term as external price pressures subside. Based on the forecasted macroeconomic impact, poverty (using the upper middle income poverty line) could reach 39.6 percent of the population in 2022, which represents a 3 percentage points increase relative to a counter-factual scenario in the absence of the war, accoridng to the World Bank. Armenian ...
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