Representatives of the World Bank visited the Faculty of Economics and Management at Yerevan State University. During a meeting held on February 13 of this year, Ivailo Izvorski, the World Bank's Chief Economist for Europe and Central Asia, presented the results of one of the latest studies conducted by the World Bank group, titled "Greater Heights: Growing to High Income in Europe and Central Asia".
According to the research findings, 27 countries have ranked as high-income countries since 1990, with 10 of them located in Europe and Central Asia. The speaker noted that it has become significantly more difficult for countries with an average income to join the ranks of high-income countries following the global financial and economic crisis of 2007-2009. As a result, many countries in Europe and Central Asia could fall into the "middle-income trap", which is the main theme of the World Development Report 2024, where the authors explored how developing economies can avoid falling into this trap.
Based on the findings, a 3i (investment, infusion, innovation) strategy is proposed. Its implementation is expected to help countries in the region with average incomes reach the level of high-income countries. The study not only analyzes the economic development trends of the region's countries but also proposes specific policies that could facilitate improvements. It is considered a valuable contribution to economic policy formulation, particularly for those countries seeking to overcome development obstacles.
The Dean of the Faculty of Economics and Management, Associate Professor Karlen Khachatryan, welcomed the international guests and partners, noting that cooperation with the World Bank provides the faculty with an opportunity to participate in discussions on solving global economic issues while simultaneously offering students up-to-date knowledge and skills necessary for training well-versed professionals for the labor market and successfully overcoming the challenges of the 21st century.
A few days earlier, the World Development Report 2024 was presented, with faculty representatives also participating in the event.
The faculty continues to collaborate with international organizations, facilitating the expansion of academic staff and student involvement and the implementation of initiatives aimed at developing partnerships. The World Bank's visit and the presentation of the research findings represent an important step for the faculty’s students and professors in terms of understanding global economic development trends and preparing for them.
