ArmInfo. Despite the support provided by the state for business development, the SME sector in Armenia is not growing and has the same share in GDP for several years, as stated in an interview with an ArmInfo correspondent by Artashes Shaboyan, Senior Research Consultant at the Ameria consulting company, referring to the results of a study conducted for the second national report GEM Armenia National Report 2024/2025, prepared within the framework of the Global Entrepreneurship Monitor (GEM) by Aslanyan.
He noted that compared to 2019, the results of the 2024 study showed that even if the number of new businesses grows and their geography expands, then, for example, the number of their employees and their productivity level remain at the same level. "All this is because business in Armenia remains a one-man business," he noted. In this regard, the expert expressed the opinion that the state should change the direction of assistance provided to entrepreneurship. That is, as Shaboyan noted, in order for the share of SMEs in GDP to grow, the state should help not newly created companies, but already the established ones. "Because if they do not grow, their productivity does not increase, they cannot expand their share in GDP," the expert noted. In his opinion, even without state assistance, people are able to start a business in the country, the real challenge is in making this business successful and navigating the growth stages. "And this involves new knowledge, new financing, technology transfer, etc. That is, yes, it is great to receive help when starting a business. But our study showed that government assistance should be focused on business expansion," he said, emphasizing the importance of supporting women's entrepreneurship, given its effectiveness.
The full report can be found here: https://ameriaadvisory.am/wp-content/uploads/2025/06/2024-2025-GEM-National-Report- English.pdf .
