ArmInfo. "In 2018, the growth of the Armenian economy will be higher than expected, and there is every reason for this," Minister of Economic Development and Investments Artsvik Minasyan told reporters in the framework of a press tour in Sevan. He stressed that it would give an opportunity to increase spendings, the main emphasis of which will be put on capital expenditures, in particular related to infrastructure, equipment, etc.
Being in the stage of tax changes, the Ministry of Economy expects a sharp increase in economic activity, which, according to A. Minasyan, will lead to an increase in the number of taxpayers. In particular, in favorable conditions that will be created for the development of SMEs, it will be possible to resolve employment issues. As regards the tax reforms, A. Minasyan noted that the level of income tax should be lower than the current threshold.
He also stressed that a lot of changes are expected, related to which many negotiations and discussions are held today. "I, as Minister of Economic Development, assure you that today everyone is actively involved in the process of building the Armenian economy on a scientific and innovative basis, in particular by stimulating the work of enterprises, increasing professional skills, and developing engineering thinking," Minasyan summed up.
To note, in the budget of the Republic of Armenia for 2018 the GDP growth is set at 4.5%. According to the updated forecast of the World Bank, Armenia's GDP growth in 2018 will be 4.1%. The Central Bank forecasts Armenia's GDP growth in 2018 in the range of 5.6-6.9%.
According to the Statistics Committee of RA, in Armenia the y-o-y growth of economic activity in January- August 2018 accelerated from 5.5% to 7.7%. And this growth was determined to a greater extent by the services sector - by 18.9% per annum, the trade sector by 9.7%, construction - by 8.5%, against which the growth of the industrial sector and the energy complex looked modest - by 4.4% and 1.3% respectively.