SRC Chairman assures: Economic growth in Armenia demonstrated steady progress

ArmInfo. The World Bank estimates indicate that economic growth in Armenia has demonstrated steady progress in recent years, leading to a reduction in poverty, higher tax revenues, and more job opportunities, as stated by Eduard Hakobyan, Chairman of the State Revenue Committee (SRC), who participated in the World Bank conference "Armenia's Economic Pulse: Fairer Markets for Inclusive Growth."

He added that attracting investment and strengthening a competitive  and predictable business environment are essential for future  economic success. In this regard, he assured that the SRC continues  to work consistently in all these areas, ensuring a predictable tax  environment, effective administration, and a fair and equal playing  field for all economic entities. 

Meanwhile, as previously reported by ArmInfo, a World Bank report  shows that poverty levels remain high. According to the study, in  2023, the poverty rate in rural Armenia was 63.3% based on purchasing  power parity (PPP), while in urban areas it was 52%. Moreover,  according to WB projections, the poverty rate in Armenia based on PPP  is $8.3 per day (updated in 2021). It is expected to decrease from  56.2% to 53.1% between 2024 and 2027.

However, WB experts note that certain factors could slow the pace of  poverty reduction. In particular, they pointed to slower growth in  agriculture and services,  which are the main employers of the poor,  as well as geopolitical risks and supply chain disruptions in global  trade.