ArmInfo.When analyzing the anatomy of Armenia's economic growth, it is necessary to keep in mind tax revenues, the volume of which increased by 21.4% - from 1.3 trillion drams to 1.9 trillion drams. This was announced on February 15 at a press conference by Doctor of Economics, Professor, Head of the Center for Economic Research, member of the Eurasian Expert Club Ashot Tavadyan.
As an example, he cited only one factor, namely the application of customs duties on exported raw materials of non-ferrous metals, which made it possible to ensure the receipt of 6% of all tax collections. All other factors, as Tavadyan noted, are external factors. As a result, the expert continued, tax revenues from the Zangezur Copper-Molybdenum Combine and other mining enterprises tripled.
As the economist noted, favorable world prices for copper and molybdenum also contributed to the increase in deductions. In 2020, the average price for copper raw materials was 6.2 thousand dollars per ton, in 2022 it reached to 8.6 thousand dollars. At the same time, the Armenian dram revalued by 17%, while prices rose by more than 20%. Tavadyan does not see any other positive influence from the state management system The economist also pointed to an unprecedented increase in the receipt of transfers through the country's banking system, the volume of which increased 2.5-fold over the year - from $2.1 billion to $5.2 billion. Receipts were especially active from Russia, providing a 4-fold increase - from $868 million to $3.6 billion, which made it possible to sharply increase lending in other areas, including the service sector, which is also one of the factors of high inflation. Tavadyan emphasized the importance of managing these financial flows, as South Korea did in its time. "Unfortunately, we have not yet achieved this, since we are guided by the precepts of Adam Smith," the expert emphasized. In this regard, the economist pointed to the problem of high refinancing rates. At the same time, this is not the fault of the Central Bank, it fulfills the requirements of the law, which, according to Tavadyan, needs to be changed.
