Ներքին խնայողություններով տնտեսության բարդության աստիճանի բարձրացման համար անհրաժեշտ ներդրումների ֆինանսավորման հայեցակարգային շրջանակ/ A Conceptual Framework for Domestic Saving Financing the Investment Required to Increase the Complexity of the Economy

Abstract

The paper reviews the issues related to external and internal sources of investment financing for the introduction of frontier technologies, considering the guidelines for increasing the economic complexity of the Republic of Armenia, established in the program of the Government of the Republic of Armenia for 2021-2026. The degree of economic complexity depends on its distance from the world technological frontier. One of the channels for the transfer of productive knowledge needed for the adoption of frontier technologies is FDI, which suffers insufficient levels of inflows. In addition, the uncertainty of external sources of financing has increased under the trends of the last decade and recent influence of COVID-19. Based on the results of the analysis, the authors concluded that the stable, high level of investment required for sustainable economic growth based on technological progress must be provided through domestic savings. A conceptual framework for an export platform for FDI and domestic investment is proposed, aimed at increasing the level of economic complexity of the country.