5 Quick Facts
- Armenia ranks 41st in Doing Business 2019, up from 47th place in 2017, largely due to improvements in the business regulatory environment. Yet businesses still face challenges obtaining construction permits and resolving insolvency.
- In the Human Capital Index, Armenia ranks 78th among 157 countries. The country’s score of 0.57 is lower than the average score for the entire Europe and Central Asia region.
- Armenia will soon have an aging population, with people aged 65 years and over expected to comprise more than 22% of the population by 2050, according to the UN Population Fund.
- Mismanagement of health care has led to poor health outcomes and high out-of-pocket costs for patients across Armenia. Public spending on health in 2018 was just 1.4% of GDP, while out-of-pocket payments make up over 81% of total health spending.
- People are emigrating in search of better opportunities elsewhere. Armenia’s unemployment rate was about 18% in 2017, while informal employment makes up about 44.5% of total employment.
To help Armenia boost economic growth and improve the lives of all its citizens, the World Bank Group has developed a new four-year partnership strategy.