ArmInfo. Armenian Minister of Economy Gevorg Papoyan believes that in the past 7-8 years, the authorities have managed to create a solid foundation for long-term economic growth. He stated this on September 24 during a panel discussion "Armenia's New Reality as an Economic Shock," in response to a question whether the recent high GDP growth was a short-term phenomenon or whether the authorities had created an appropriate foundation for long-term growth.
According to Papoyan, since 2018 (the year Nikol Pashinyan was elected prime minister following the "Velvet Revolution" - ed.), cumulative GDP growth has reached 42.5%. In 2024, economic growth was 5.9%, and GDP per capita increased by 4.9% compared to 2023, doubling from 2018. "This not only indicates stable growth but also an improvement in citizens' quality of life," the Minister of Economy asserts.
This trend continued in 2025: Armenia's GDP grew by 5.9% in the second quarter of 2025 compared to the same period last year. According to the Minister, there are factors that contributed to GDP growth, some of which may have been short-term. However, there are also factors that have created a solid foundation for growth. Specifically, in 2017, labor productivity in the country per worker or per hour worked was $5.6. In 2024, this figure reached $10.3. This was facilitated by the economic modernization support program aimed at stimulating production, thanks to which many companies modernized their fixed assets, including production lines, Papoyan is convinced.
"I have asked about the lack of issues during the grape harvesting process. I was told it was because of the purchase of new equipment. It allows for increased purchasing, greater storage, and production of a higher- quality product," he said.
The Ministry of Economy also focused on developing the capital market and infrastructure investment. Thus, the number of participants in programs adopted in 2022-2023, particularly the "Infrastructure for Investment" program and the state program to facilitate the issuance of equity (shares) and debt (bonds) securities, as well as credit rating procedures, has "grown exponentially." The Minister noted that the Ministry of Economy's programs are sometimes even ahead of their time. Specifically, the Export Strategy was adopted before August 8 (Washington Declarations - ed.), but the ideas contained in it were only able to materialize in the future after the signing of these documents.
