Gevorg Papoyan: Economy of Armenia continues to experience high  growth and successfully withstand international challenges

ArmInfo. The Armenian economy continues to experience high growth and successfully  withstand international challenges, as stated by Gevorg Papoyan, the Minister of Economy of Armenia, during his speech at the Parliament on November 13.  In this regard, he referred to the indicators  recorded in the first half of 2024, showing a 6.5% growth in Armenia's GDP. The Minister attributed this growth to an increase in added value in several sectors of the economy.

He also mentioned the IMF forecast, which predicts that Armenia's GDP  growth will reach 6% in 2024, positioning the country in 17th place  among 190 countries in this regard. To provide context, the head of  the department pointed out that the average growth in the Baltic  countries is projected to be 0.9%, in the eurozone - 0.8%, and in the  EAEU countries - 4.6%. Additionally, he noted that economic growth is  only valuable if it benefits all citizens, making it inclusive. 

, said Papoyan.

He assured that in 2025, the Ministry of Economy will continue to  facilitate the implementation of the goals of the government program.  In this regard, Papoyan emphasized that the department's priorities  are modernizing quality infrastructure systems, increasing  productivity, attracting highly qualified specialists from outside,  stimulating investment, and developing tourism and agriculture.

It should be noted that according to the September forecast of the  Central Bank of Armenia, Armenia's GDP growth is projected to be  between 6.5-5.8%. S&P Global Ratings anticipates a decrease in  Armenia's GDP growth from 6.2% to 5.2%   in 2024-2025. The IMF also  predicts a slowdown in Armenia's GDP growth in 2024 to 6% and in 2025  to 5.3%. According to the WB forecast, Armenia's GDP growth is  expected to decrease 5.5% in 2024 and 4.9% in 2025. The EBRD predicts  Armenia's GDP growth of 6.2% in 2024, with a subsequent slowdown to  4.8% in 2025.