MEASURING STRUCTURAL REFORM EFFECTIVENESS IN A SMALL OPEN ECONOMY: THE CASE OFARMENIA

The research investigates the macroeconomic effects of structural reforms in Armenia using Structural Vector Autoregression (SVAR) models across fiscal, real, monetary, and labor sectors. Empirical findings indicate that reform shocks have a significant impact on tax revenue, investment, productivity, and GDP growth, with the strongest effects observed in the fiscal and real sectors. These results underscore the macroeconomic importance of addressing reform gaps systemically because sustained and well-sequenced reforms enhance growth, stability, and resilience in small open economies like Armenia.