Armenia will be able to become an average income country by 2025 by implementing the reform project it has adopted, Cyril Muller, World Bank Vice President for Europe and Central Asia, said on Monday, September 11.
“Today’s Armenia differs greatly from the country that joined the World Bank 25 years ago,” Muller said.
According to her, when Armenia joined the WB, it was one of the Soviet Union’s rising economies but due to a serious foreign currency shortage and the collapsed industry, real wages rapidly declined in 1992.
Throughout the 4-5 years after the fall of the Soviet Union, Armenia managed to recover from the initial shock, she said.
Muller said that the Armenian government has adopted a pretty ambitious reform project, expressing hope to later discuss it with the prime minister.
Also, Muller added the World Bank has learnt a lesson or two from Armenia which will be implemented in other countries.