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Armenia’s GDP grew 13.7 percent in 2007

By M. Alkhazashvili
(Translated by Diana Dundua)
Thursday, May 15
Last year Armenia’s GDP grew by 13.7 percent, mainly due to the construction and service sectors, according to the news agency Regnum.

The 2008 CIA World Factbook says that both economic reform and improved ties with Turkey and Azerbaijan are required for Armenia to improve economic competitiveness.

“Armenia will need to pursue additional economic reforms in order to improve its economic competitiveness and to build on recent improvements in [eliminating] poverty and unemployment, especially given its economic isolation from two of its nearest neighbors, Turkey and Azerbaijan,” the CIA report says.

Armenia has no trade or diplomatic ties with two of its neighbors, Turkey and Azerbaijan, and has consequently been excluded from regional project such as the Baku–Tbilisi–Ceyhan oil pipeline and the Baku–Tbilisi–Kars railway.