In the statement made on June 18 World Bank Yerevan Office head Aristomene Varudakis stated that according to the estimations of various analysts more than 1/3 of Armenia’s economy is a shadow economy.
It produces around 35-40% of Armenia's GDP, and Varudakis said this is the biggest challenge facing the Armenian state, which must do its utmost to bring this shadow economy into the formal one in order to increase the tax revenues and fulfill its social liabilities.
In 2010 the World Bank allotted USD 25 million to Armenia to conduct legislative and structural changes, in particular in the mining industry. This should eventually improve revenue collection in this field.
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