ArmInfo. Even with high economic growth rates in January- February 2022, poverty is rapidly spreading in Armenia, and the government needs tremendous efforts to  prevent a social disaster, Armenia's Minister of Economy Vahan  Kerobyan stated at the panel meeting Central Asia: Area of  Technological Breakthrough in Tashkent, Uzbekistan. 

ArmInfo. In Armenia, economic activity in Q1 2022 increased by 9.6% compared to the same period in 2021 (against a 2% decline in Q1 2020), exceeding even the pre- Covid  6.5% growth in Q1 2019. According to the preliminary data of the RA  Statistical Committee, the agricultural sector lingered in the  decline, while other sectors showed growth; moreover, the service  sector and the energy complex were the main drivers of economic  growth.

ArmInfo.The forecasts of international organizations and rating agencies on the growth of the Armenian economy in 2022 (1.5 -1.6%) are theoretically correct and sustained,  but at the same time they do not fully take into account the changing  structure of the Armenian economy, namely, the process of transition  from the so-called demand economy to the supply economy, albeit with  weakly expressed characteristics.

ArmInfo.At the end of March, inflation in Armenia rose significantly to 7.4%, next month we are likely to see higher inflation again as food and energy prices rise.   Armenian Economy Minister Vahan Kerobyan stated this in an interview  with "Kommersant".

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ArmInfo.For 2022, the Armenian government has set a 7% economic growth target. Armenian Minister of Economy Vahan Kerobyan stated this in an interview on  January 18. In this regard, he stressed that this position is  unified, all actions and activities of the Ministry of Economy and  the government of the country will be directed to its implementation.

ArmInfo.The World Bank has not changed its GDP growth forecast for Armenia for 2021-2022 - 6.1% down to 4.8%, with a further upward trend to 5.4%, according to the WB January 22 Global Economic Prospects. 

ArmInfo.Armenia's economic activity in January-October 2021 increased by 4.3% (against a decline of 6.7% a year earlier), while in the pre-COVID period 7.1% growth  was recorded (in the same period in 2019). This is evidenced by the  final data of the RA Statistical Committee.

ArmInfo.The unpredictable pandemic situation  and steadily high inflation remain the major risks to the basic  scenario of Armenia`s economic development, according to a  macroeconomic forecast by the Eurasian Development Bank (EDB). 

ArmInfo. The forecast 6.5%  economic growth is most unlikely to be recorded, Armenia`s Minister of Finance Tigran Khachatryan stated in response to an MP`s question.   Babken Tunyan, an MP of the Civil Contract faction, noted lower  economic growth rates over the last few months. Cumulative economic  growth of 5.2% was recorded this Jan-July, 4.7% this Jan-Aug and 4.4%  this Jan-Sept. 

ArmInfo. According to the Central Bank, the state budget program for 2022 is quite saturated, and in comparison with the medium-term government spending program,  it provides for strengthening capacity and accelerating economic  growth. Deputy Governor at Central Bank of Armenia  Nerses Yeritsyan  stated during the discussion of the draft budget for 2022 in the  Parliament of the Republic of Armenia,.

ArmInfo. The World Bank improved its forecast for GDP growth in Armenia for 2021 from the previous 3.4% to the updated 6.1%, suggesting, as the economy enters the phase of economic recovery, gradually abandon government support measures  and focus on creating a competitive business environment that is a  key aspect for sustainable recovery, resilience to future crises and  long-term economic growth.

ArmInfo.Armenia's GDP at purchasing power parity increased 1.5- fold from USD 29 billion in 2014 to USD 42 billion in 2019. This was announced by the Assistant  to the chairman of the Eurasian Economic Commission (EEC) Iya Malkina  at a briefing on September 29.

ArmInfo. The accelerated growth of non-performing loans (NPL) continues in the banking system of Armenia, pushing profit, and thereby depriving capital buffers of  the opportunity to replenish.

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ArmInfo. Economist, member of the  Hayastan Alliance ("Armenia" - Ed. note) Tadevos Avetisyan does not  believe in the feasibility of the economic program of the government  of Nikol Pashinyanan for 2021-2026. He stated this on August 25 at a  parliamentary meeting during the discussion of the Cabinet's program  for the next 5 years.

ArmInfo. One of the fundamental problems of the Armenian economy is the low level of labor productivity, Armenian Prime Minister Nikol Pashinyan said on August 24 at a parliamentary meeting, during the presentation of the government's program for 2021-2026.  So, according to Pashinyan, studies show that in Armenia this figure is $ 6.8. "This means that one worker, on average, creates a product worth $ 6.8 per hour of  work. This is a very bad indicator. For example, in Russia, productivity is $ 11.7, in the European Union, on average, $ 42.7, there are some countries in the EU where productivity exceeds $ 100, "he explained, adding that this indicates one of the important basic problems in the Armenian economy.

ArmInfo. Armenia intends to increase the share of small and medium- sized businesses (SMEs) in the republic's GDP by 2026 from 27% to 55%, according to the program  of the RA government for 2021-2026, approved on August 18 at a meeting of the Cabinet of Ministers.  Realizing that SMEs are a key element of sustainable economic and employment growth, the RA government attaches importance to the development of SMEs and undertakes to take consistent steps to remove obstacles along the  way. In particular, for innovative entrepreneurs, the toolkit for supporting SMEs will be expanded, and the availability of both financial resources and skills, knowledge and connections will be  increased. The economic activity of the population in the regions  will be increased, alternative sources of income will be created, and  inclusiveness of growth will be ensured.