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.