RA Ministry of Economy and IMF: In Armenia, the continuation of reforms is important for ensuring in the future higher economic growth

ArmInfo. Minister of Economic Development and Investments of Armenia Suren Karayan received the head of the mission of the International Monetary Fund (IMF) for Armenia Hossein Samiye on March 21. As the press service of the ministry told ArmInfo, during the meeting the IMF program was discussed, which is unique in its content, taking into account the progressive economic development of Armenia. The parties stressed that the new content of the program can serve as a positive impetus for investors.

S.Karayan, having paid attention to high economic growth in 2017, stressed the importance of continuing reforms. He noted that in this process the IMF is a regular partner. "The continuation of reforms is especially important from the point of view of ensuring, in the long term, higher economic growth," the minister said.

According to the National Statistical Service of Armenia, Armenia's GDP grew by 7.5% in 2017 to 5.6 trillion drams ($ 11.6 billion), against the 0.2% growth in 2016. The GDP deflator index in 2017 was 102.2%, against 100.5% in 2016. Drivers of economic growth in 2017 were services, trade and the industrial sector. Armenia's foreign trade turnover for 2017 increased by 26.9%, due to the growth of exports by 25.2% and imports by 27.8%. In the structure of Armenia's external debt, the share of funds from the IMF by the results of 2017 is 7.4% or $ 404.2 million. Note that according to the World Bank's forecast updated in January, the GDP growth of Armenia in 2018 will be 3.8% with acceleration in 2019 to 4% . According to the February forecast of the Central Bank of Armenia, GDP growth in 2018 will be 4.7- 5.8%, and in 2019 - 4.5-5.9%. The state budget of the Republic of Armenia for 2018 laid the GDP growth by 4.5%.