ArmInfo.Armenia's task is to ensure high-rate economic growth without a considerably growing inflationary pressure, Armenia's Minister of Finance Vahe Hovhannisyan stated in Parliament.
As the minister noted, to implement this issue, it is important to make efforts aimed at reducing tax gaps by strengthening tax administration. In particular, with the consistent decline in the attractiveness of the turnover tax, it will be possible to eliminate the gap that distorts the entire tax system and does not allow business entities operating in this regime to grow, increase productivity and engage in innovative solutions. This, according to the minister, will become one of the areas of tax policy that will be implemented next year.
Mr Hovhannisyan noted that in 2024 it is necessary to implement measures to promote exports. It is envisaged, for example, to ensure annual growth in exports of products worth 438 billion drams and services worth 365 billion drams. Work will be carried out to attract large private investments, providing annual investments in the amount of 290 billion drams.
The Minister also pointed out the need to improve the public administration system by increasing their efficiency through reforms. We are talking, in particular, about improving the public administration system and digitalization of the economy.
In all these areas, as Hovhannisyan noted, funds are provided in the draft state budget, and if necessary, additional steps will be taken.
According to the bill, in 2024 the economic growth rate is planned at a level of at least 7%. State treasury revenues are provided at 2 trillion 566 billion drams, which is 15.4% higher than the plan for 2023, and expenses - 3 trillion 17 billion, or 15.9% higher. Among expenses, capital expenditures will amount to 695 billion drams, or 22% more than the plan for 2023. At the end of next year, the tax-to-GDP ratio is planned to increase by 0.75%. The budget deficit will be about 340 billion drams or 3.2% of GDP. As a result, by the end of 2024, the government's public debt to GDP ratio will be 48.4%, that is, below 50%.
