YEREVAN, OCTOBER 22, ARMENPRESS. Armenia should strive to become a country of fast learners and be guided with this vision under the conditions of current global uncertainties, according to the 7th National Competitiveness Report of Armenia 2019, released by EV Consulting. The report is titled “The Future of Jobs in Armenia”.

According to the data existing in the report, in order to address the key challenges of unemployment, migration and inclusion it’s necessary to target higher GDP growth rate.

The report provides a comprehensive analysis on Armenia’s economic performance and competitiveness from the perspective of the trend and structural changes of employment in Armenia. The report analyzes and addresses job market challenges, shifts and opportunities in Armenia and proposes a reform agenda for workforce development to tackle the problems and capture strategic opportunities.

According to the report, in order to ensure faster and inclusive economic growth in Armenia, employment expansion is necessary. The high level of unemployment and labor migration in Armenia will lead to the significant decline of labor resources. In 2017 nearly 560.000 employable people didn’t participate in the creation of an economic value, as a result, 55% less gross value added was issued in Armenia.

The report considered three scenarios for economic development and job growth – baseline, accelerated and disruptive. The Baseline Growth scenario is based on historical trend analysis and economic convergence theory. No major structural changes, radical policy shifts, or internal and external shocks are assumed up until 2030 within the Baseline Growth scenario.

The Accelerated Growth scenario envisions a change in the Armenian economy’s growth trajectory during the next decade. The growth will be driver by successful systemic reforms, improvements in the business environment facilitating business activity and investments in Armenia. Consequently, the Accelerated Growth scenario assumes a higher GDP growth rate in the country as well as faster job creation and high employment by 2030.

The main risk in the Disruptive Growth scenario is the mass cutting of jobs.

Edited and translated by Aneta Harutyunyan