Page "Economy of Armenia" Paragraph 18

In October 2009, when visiting Yerevan, the World Bank ’ s managing director, Ngozi Okonjo-Iweala, warned that Armenia will not reach a higher level of development unless its leadership changes the " oligopolistic " structure of the national economy, bolsters the rule of law and shows " zero tolerance " towards corruption.

" I think you can only go so far with this economic model ," Ngozi Okonjo-Iweala told a news conference in Yerevan.

" Armenia is a lower middle-income country.

If it wants to become a high-income or upper middle-income country, it can not do so with this kind of economic structure.

That is clear.

" She also called for a sweeping reform of tax and customs administration, the creation of a " strong and independent judicial system " as well as a tough fight against government corruption.

The warning was echoed by the International Monetary Fund.