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A liberal foreign investment law was approved in June 1994, and a law on privatisation was adopted in 1997, as well as a program of state property privatisation. Continued progress will depend on the ability of the government to strengthen its macroeconomic management, including increasing revenue collection, improving the investment climate, and making strides against corruption. However, unemployment, which currently stands at around 15%, still remains a major problem due to the influx of thousands of refugees from the Karabakh conflict.

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Armenia