Armenian Minister of Economy Gevorg Papoyan has expressed confidence in achieving a target economic growth rate of 7% for 2024. He made this statement during the discussion of the 2023 state budget annual report, presenting the sectoral indicators of the Ministry of Economy.
According to Papoyan, a competitive economy is a crucial component of an independent and sovereign state. The minister emphasized that maintaining the expected external economic environment, positive developments in the global economy, and the implementation of political measures aimed at enhancing economic potential make the target growth rate of 7% attainable.
"I am hopeful that, given the expected external economic environment, positive developments in the global economy, and the implementation of political measures aimed at boosting the economy's potential and growth, as outlined in the government's 2021-2026 program, achieving the target economic growth rate of 7% for 2024 is quite realistic," the minister stated.
He also noted that, based on the existing potential and already achieved successes, the government will continue to take necessary steps to realize the vision of a competitive, prosperous, and sovereign Armenia.
Earlier, BMG reported that the World Bank, in its June report, forecasted Armenia's economic growth for 2024 at 5.5%, despite the current high levels of economic activity in the country.
Armenia's GDP in the first quarter of 2024, according to preliminary data, grew by 9.2%, reaching approximately $5 billion.
Experts and the Central Bank of Armenia attribute the high growth rates to temporary external factors rather than the real potential of the Armenian economy. Accordingly, after adjusting for these factors, the Central Bank estimates the real potential economic growth at 5-5.5% annually.
The economic growth forecast for Armenia in the 2024 state budget is set at 7%, with inflation projected at 4% (±1.5%).
