30.Mar .2023 12:27

Pashinyan: the task is to ensure economic growth of at least 7% in 2023

Pashinyan: the task is to ensure economic growth of at least 7% in 2023
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Armenian Prime Minister Nikol Pashinyan chaired March 29 a discussion held in the Government on economic growth trends and development plans, the government press office reported.

It said in relation to the topic, the Prime Minister particularly said, "According to the data published by the Statistical Committee yesterday, Armenia continues to be in a state of high economic activeness. We have set a task to ensure economic growth of at least 7 percent also in 2023. I propose to discuss some nuances related to the indicator of economic activity and to summarize our upcoming actions in the sense of guaranteeing our objectives regarding economic activity."

The officials in charge referred to the data published by the Statistical Committee on the main macroeconomic indicators for January-February 2023. Accordingly, a 10.9 percent increase in economic activity was recorded.

The volume of construction increased by 13.2 percent, services by 23.5 percent, domestic trade by 18 percent, and foreign trade by 77.7 percent.

The index of consumer inflation decreased, making 8.1 percent. It was noted that the inflow of capital and labor to Armenia continues.

The measures to be taken in the direction of maintaining the dynamic of progressive growth recorded in the economic sector were discussed. Investment projects and development programs in industry, agriculture, urban development, infrastructure, energy, technology and other fields, reform agenda, fiscal and monetary policy, international economic trends, etc. were addressed.

Summarizing, the Prime Minister emphasized the consistent work towards ensuring continuous economic growth and instructed to keep the implementation of the Government's goals in the center of attention.

Armenia's government growth projection for 2023 is set at 7%, and inflation is set at 4% (±1.5%).

The World Bank predicts that Armenia's economic growth in 2023 will be 4.1%. Fitch in February projected the Armenian economy to grow to 6.1% in 2023 and to 4.7% in 2024.

The European Bank for Reconstruction and Development (EBRD) expects Armenia's economy to grow by 4% in 2023 and by 4.8% in 2024, ARKA reports.