The basic outlines of the institutional reforms in Armenia
Abstract
The main components of the institutional environment have positive and significant impact on economic growth in the long-term. The success of the European countries is directly linked to the successful implementation of government policies in the areas of taxation, education and infrastructure. Meanwhile, competitive advantages are not based on the availability of natural resources, but they are conditioned with the skilled workforce, social cohesion, favorable investment climate and the Government’s ability to respond quickly and effectively to the changes of economic conditions.References
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