Referring to economic analysts, Head of the WB office in Yerevan Aristomene Varoudakis said that the share of shadow economy constitutes 35-40 per cent of Armenia’s GDP.

He urged the Government to make shadow economy taxable, thereby increasing tax revenues and social payments.

Varoudakis pointed out that the mining industry constitutes the lion’s share of shadow economy. He pointed out that U.S. $25m of the WB loan will be directed to legislative and structural reforms in the mining industry.

A 13% increase in Armenia’s mining industry was registered this January-April.