Vardan Aramyan: Already in 2018 Armenia could expect for 4-5% economic growth

ArmInfo. The expectations in  respect to GDP growth in 2017 at the level of 3,2% could be overcame,  and in the case of absence of external shocks there is an option even  to exceed those. Already in 2018 Armenia could expect for 4-5%  economic growth.

This was stated by Vardan Aramyan, the Minister of  Finance, after the Government session on February 23, answering  ArmInfo questions. According to  Aramyan, the indicators of economic  activity in Armenia for January  are stating the 6,5% growth.  According  to the Minister, proceeding from this, the planned  indicators may be exceeded, if there will be no negative external   shocks. 

 At the same time, Armenia could not return to the level of GDP fixed  during the period before 2008, which, following Aramyan, is  preconditioned by global economic cycles. Within the attentive look  at those cycles, it could be seen that the years of  2002-2008 were  the period of global economy rise, which was the result of US Federal  Reserve System expansion. According to the Minister, reviewing the  program of middle term costs for upcoming three years, the Government  will expect for faster growth.  "I don't want to make promises and to  voice figures, but I am sure that starting with the next year we  could think of 4-5% economic growth, and after that for higher  indicators," the Minister mentioned. 

To mention, IMF has improved its forecast for GDP growth in Armenia  in 2016 to 3.2% with further acceleration in 2017 to 3.4%.