ArmInfo. Since January 2023, a total of about 16 thousand labor migrants from India have arrived in Armenia. Deputy Governor of the Central Bank of Armenia (CBA) Armen Nurbekyan said, presenting a report on the country's macroeconomic environment at the Amundi-Acba Economic Forum 2024.
"This is a significant indicator that demonstrates high growth rates," he noted. However, according to the CBA Deputy Governor this factor will have a restraining impact in the context of wage growth in Armenia. "Because we have a large influx of low-wage labor," he explained.
In this regard, Nurbekyan reminded that a significant increase in wages continued in Armenia during 2023, both quarterly and annually, by about 10 percent.
Drawing a parallel between salaries in Armenia and India, he noted that the situation was stable until 2021, but after this period the difference doubled. "We are already connected to migration networks because there is a strong economic motivation in the form of a significant wage differential, which makes migration flows quite flexible, and as a result we have a large flow of labor, which e.g. is happening," he explained.
The second Amundi-Acba Economic Forum 2024 was held in Yerevan on January 24, which brought together thought leaders, industry experts, and innovators to explore and discuss critical topics shaping the economic landscape. Within the framework of the Forum, presentations were made on the following topics: Amundi Investment View for 2024: From Macro to Markets; Macroeconomic Developments in Armenia; AI and ESG Talk; Panel Discussion: Artificial Intelligence for Sustainable Finance: Challenges and Opportunities. The Forum was concluded by an exclusive interview honored by the Governor of the Central bank of Armenia Martin Galstyan, on the topic "Geopolitics in South Caucasus and Economic Impact in Armenia."
Amundi-Acba Asset Management CJSC, registered with the Central Bank of the Republic of Armenia on November 19, 2013, operates within the framework of the mandatory funded pension system introduced in Armenia from January 1, 2014. The company manages three mandatory pension funds having more than 417 billion assets under its management as of December 30th, 2023.
The company's shareholders are the French Amundi, Europe's leading Asset Manager with nearly 2 trillion Euros in assets under management as of September 30th, 2023 and Acba Bank, being one of the largest financial institutions in Armenia, represented throughout the country with 65 branches.
