YEREVAN (Arka)—Armenia’s IT sector has great potential for growth due to the high level of creativity shown by Armenian developers, senior World Bank analyst Sandra Sargent said on Monday.
According to a World Bank report, information and high technology is the most rapidly developing branch of Armenia’s economy. Since 2006, the sector (excluding Internet providers) recorded an average annual growth rate of 22 percent and its total output reached $294 million in 2013.
The total number of companies in IT and high-tech reached 380 with employees totaling 8,000 people. About 13% of these companies deal with high technology.
Sargent said IT specialists are demanded all over the world, but there is an acute demand for them in Armenia because of the small size of the country and the equally small labor market.
The only solution is increasing the number of IT specialists in Armenia. The World Bank hopes to facilitate ties between the educational system and the private IT sector, the Sandra Sargent said.