Prospects for Armenia’s economy

Armenian businesses depend largely on imported raw materials, it is therefore worth introducing innovative technologies in the country that are compatible with the worldwide consumer market, stated Dominique Burton, Director General of consulting company McKinsey & Company during a press conference in Yerevan on October 30. Burton mentioned that according to compatibility Armenia is rated 97th in the world; however it has well-qualified personnel and is capable of improving its situation in chosen priority areas. To enter world markets however, it should also develop its infrastructure and combat the extremely high level of corruption in the country. The consultant also recommended the country invest in the areas of agriculture and food processing in addition to their healthcare system, water supply, education and high technology.