ArmInfo. The economic growth potential of Armenia is at the level of 6%. Acting Deputy Minister of Economy of Armenia Rafayel Gevorgyan stated during a meeting of the S NA Standing Committee on Economic Affairs, citing an analysis of macroeconomic models over the past 6 years.
In particular, he recalled that in the period from 2013 to 2015, Armenia's economic growth was about 3%, and in 2016 it was close to 0%.
The acting deputy minister also drew attention to the fact that budget revenues in 2013 were below 1.1 trillion drams, and in 2017 they increased slightly, reaching 1.2 trillion drams. "I present these data so that it becomes clear what growth cycle we are in now," he said.
As Gevorgyan further continued, Since 2017 before the coronavirus, Armenia's economy as a whole grew by more than 20 percent. "Already then there was high growth, which, according to our analysis, is associated with structural changes that have been implemented over the years," he noted.
In this regard, the acting deputy minister pointed to the improvement of Armenia's position in the Corruption Perception Index, in which Armenia took 62nd place against 107th in 2017. At the same time, he attached importance to the independence of the judiciary, which is the basis for economic development and improvement of tax administration, which, according to him, ensures equal competitive conditions for business environment. "All this together allows us to forecast high economic growth in the future," Gevorgyan said.
Notably, according to Statistical Data, Armenia's GDP growth slowed down in 2023 to 8.7% (from 12.6% in 2022), to 9.503 trillion drams ($24.2 billion) at current prices. In January 2024 alone, Armenia's economic activity increased by 10.7% per annum.
