Tuesday, October 22 2019 14:52
Alina Hovhannisyan

Minister: Planned changes in sectoral policy will provide an  opportunity in 2020 to ensure economic growth above the set level

Minister: Planned changes in sectoral policy will provide an  opportunity in 2020 to ensure economic growth above the set level

ArmInfo.Having preliminary data on economic development for 9 months, 7% economic growth is the minimum level that the Armenian government is able to ensure in 2019. This opinion was expressed on October 22 by the Minister of Economy  of the Republic of Armenia Tigran Khachatryan on the sidelines of the  event dedicated to the report of the EV Consulting company on the  future labor market of Armenia.

Giving an assessment of GDP growth for 2020, he noted that the  indicator set in the budget implies an increase in the potential for  economic growth in the long term. In this direction, according to the  minister, a number of programs are being developed in the field of  agriculture, industry, services, including tourism.  "The measures  are aimed at creating more competitive branches of the economy in  terms of increasing productivity, in particular through investment,"  he stressed.

Khachatryan emphasized that taking into account changes in economic  policies in various sectors, at the end of next year, the country  will have the opportunity to ensure economic growth above the figure  set in the budget.

It should be noted that the World Bank improved its forecast for GDP  growth in Armenia for 2019 - 5.5%, with a slowdown in 2020 to 5.1%,  and by 2021 the expected growth rate was maintained - 5.2%. The IMF  predicts a 6.0% increase in Armenia's GDP in 2019 with a slowdown in  2020 to 4.5%. The Central Bank of Armenia predicts for 2019 GDP  growth in Armenia in the range of 6.7-7.2% (against the actual 5.2%  in 2018). For the next 2020, the draft basic economic law still has a  "modest" figure in 4.9%.

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