Tuesday, July 18 2017 11:58
Naira Badalian

Vardan Aramyan: Oligopoly markets absorb the economic growth of the country

Vardan Aramyan: Oligopoly markets absorb the economic growth of the  country

ArmInfo. Armenian Minister of  Finance Vardan Aramyan admits the existence of oligopoly in the  republic. "Under the conditions of the oligopolistic market, it will  be difficult to achieve the desired growth rates," the minister said  at a meeting with journalists during the discussion of the  medium-term expenditure program for 2018-2020.

According to the medium-term expenditure program of the Republic of  Armenia for 2018-2020, the Ministry of Finance of Armenia forecasts  GDP growth in 2018 at 4.7%, in 2019 - 5.4%, in 2020 the indicator  will reach 5.7%. The nominal volume of GDP in 2018 will be 5.785  billion, in 20196.341 billion, and already in 2020, the figure will  reach 6.974 billion GDP growth in the next 3 years, as explained by  Vardan Aramyan, will be provided due to an aggressive increase in  capital expenditures to GDP: in 2018 they will increase to 3.8% of  GDP, 2019, the indicator will be 4.8%, and already in 2019 - 5.5%.  The level of the budget deficit will gradually be reduced and in 2018  will decrease from 2.8% of GDP to 2.7%, in 2019 - to 2.4%, and in  2020 - to 2.1%. The GDP deflator in 2018 will be at the level of  103.1, and in 2019 and 2020-m. - 104. At the same time, it is planned  to raise tax revenues to the budget by 0.3-0.4 percentage points of  GDP annually - in 2018 taxes / GDP will amount to 22.4%, in 2019 -  22.7%, and In 2020 - 23%.

To recall, according to the state budget of Armenia for 2016, the   expense item was fixed at the level of 1 trillion 377 billion AMD   (expenditure/GDP ratio 25.3%), and profitable - 1 trillion 186.3   billion AMD (income/GDP ratio 21.8%) with a deficit of 197 billion   AMD (deficit/GDP ratio 3.5%). In the state budget, the real GDP   growth for 2016 was envisaged at a rate of 2.2%, the GDP deflator   index - at a rate of 4%, 12- month inflation - at 4% (+ 1.5%), and   the state budget deficit - at 3% , 5% of GDP. Nevertheless, by the   end of the year, GDP growth remained at the level of 0.2-0.3%,   under-collected taxes and exceeded the planned deficit level in the   state budget by 2%. 

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