Wednesday, May 5 2021 19:39
Alina Hovhannisyan

Economy Minister insists: Armenia will reach double-digit economic  growth by the end of the year

Economy Minister insists: Armenia will reach double-digit economic  growth by the end of the year

ArmInfo. Minister of Economy of Armenia Vahan Kerobyan again promised to reach a double-digit indicator of economic growth by the end of the year. He stated this  on May 5 from the rostrum of the RA National Assembly, answering the  questions of parliamentarians.

Referring to the statement of the head of the Central Bank that the  situation in the Armenian economy is developing better than the  preliminary pessimistic forecasts, Kerobyan said: "I can promise that  if we continue to move forward at such a pace, we will reach  double-digit economic growth rates."

At the same time, the minister noted that he was concerned about the  observed rise in prices. In this context, he stressed that there is  close cooperation with the Central Bank to curb inflation not only  through monetary instruments, but also through the implementation of  economic measures.

Kerobyan added that inflationary pressures have been registered all  over the world, in Europe as well as in the United States and Turkey,  and statements about price increases have been made by large  international companies. "But we are not waiting for what will  happen, but we are trying proactively to contain inflation in the  country," he stressed.

To note, according to the World Bank's forecast, GDP growth in  Armenia in 2021 will be 3.4%, with an acceleration in 2022 to 4.3%.   The World Bank predicts inflation in Armenia at 3.5% in 2021 with a  slight increase in 2022 to 3.8% (against actual inflation of 3.7% in  January-December 2020, with y-o-y inflation of 1.2%).

In Armenia in 2021, the IMF forecasts GDP growth by 1% to $ 12.3  billion (against an actual 7.6% decline in 2020 to $ 12.3 billion),  with an acceleration in 2022 to 3.5% to reach $ 13 billion. And in  terms of consumer price inflation in Armenia for 2021,  the IMF  forecasts at an average of 3.9%, and for 2022 - at 3.2%, against the  actual 1.2% in 2020 (January-December to January-December 2019). And  the core consumer price inflation, according to the IMF, from the  actual 1.3% in 2020 will increase to 3.7% in 2021, but then will  decrease to 2% in 2022.  And in the state budget of the Republic of  Armenia for 2021, GDP  growth is laid down by 3.2%, and inflation at  4% (+/- 1.5).  

According to the Statistical Committee of the Republic of Armenia,  economic activity in Armenia in the first quarter of 2021 compared to  the same period in 2020 decreased by 2% (against 4% growth in the  first quarter of 2020). Meanwhile, in March 2021 compared to February  (on a monthly basis), economic activity increased by 9.6% (against a  0.2% decline in March 2020). On an annual basis (March 2021 to March  2020), economic activity reversed from a 4.9% decline to a 3.8%  growth. 

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