Global competitiveness. RA has significantly improved its financial and banking indicators

Armenia’s financial and banking indicators have significantly improved in the evaluations of Armenia’s global competitiveness. The Union of Banks of Armenia prepared a material about this.

We present the material below. “As it is known, the World Economic Forum regularly publishes the global competitiveness report of around 137 countries.

It should be noted that the aforementioned report is based on more than 100 indicators grouped in 12 main directions of the Global Competitiveness Index (GMI), within which a special place is given to the results of the development of the financial market.

The fact that in the global competitiveness index in 2017-2018 Among other areas of public life, Armenia has also improved its position in the “Development of the Financial Market” sector, moving from the 90th position in the previous report to the 78th position.

The improvement of this indicator has been contributed by the positive developments registered in a number of sub-directions, in particular, the position of our country in the “Access to Financial Services” sector has moved from the previous 99th position to the 96th position, in the “Availability of loans with only a business plan and without collateral” criterion, we have improved by 6 scales and instead of the previous 71st position, we have occupied the 65th position.

It is noteworthy that in the presented section, a significant improvement was also recorded in the component of reliability towards the financial and banking system, according to which the position of our country in terms of the reliability of banks has changed from the previous 80th place to the 75th place, and in the field of securities circulation regulations, a transition was made from the 85th position to the 79th position.

Among the improvements in global competitiveness ratings, there is also one significant observation, according to which our country has taken an unprecedentedly favorable position in the index of legislative rights, instead of the previous 68th position, it is now 30th. And the logic of all analyzes suggests that there is interaction in the improvement of the indicators of the legislative field and the financial sector. “Legislative reforms, reduction of court disputes, increase in the efficiency of the legal sector, lead to an obvious increase in the competitiveness rating of the country’s financial and banking system.”