Elman Rustamov, the governor of the Central Bank of Azerbaijan, recently received a World Bank delegation headed by Carolina Sanchez, the sector manager for poverty reduction and economic management.

The participants discussed a new World Bank approach related to ending poverty and promoting inclusive economic growth and shared prosperity as well strategic proposals to be developed in the future.

Sanchez outlined new methodology to be introduced by the World Bank and related expectations for the country in attaining its economic goals.

According to the World Bank's report on Armenia, its economy has undergone a profound transformation since independence. Sustained growth, ambitious reforms, and external inflows of capital and remittances have created a market-oriented environment. The global financial crisis, however, had a major impact on Armenia.

The double digit growth rates of the pre-crisis period were replaced by a 4.3 percent rate after the crisis. Earlier estimates of strong growth in 2013 were moderated to just 3.2 percent. A reduction in private consumption and public investments led the decline.

The central challenge for the government now is to mitigate the economic and social impacts of the global crisis for the midterm, according to the World Bank, while continuing policy and institutional reforms essential for recovery and long-term development.