Wednesday, February 21 2024 15:15
Alina Hovhannisyan

Tatul Manaseryan: In case of utilization of competitive advantages,  Armenia`s business activity growth could be within 7-8% by end of  2024

Tatul Manaseryan: In case of utilization of competitive advantages,  Armenia`s business activity growth could be within 7-8% by end of  2024

ArmInfo. The main driver of economic growth in Armenia in 2024 may be the utilization of the  country's competitive advantages in the context of using the opportunities of the free economic zone between Iran and the EAEU. A similar opinion was expressed by Tatul Manaseryan, Doctor in Economics, Professor, Head of the Alternative Research Center, member of the Eurasian Expert Club during a press conference on February 20.

He also mentioned the activation of relations with Russia and other  members of the EAEU as stimulating factors . In this regard, he  pointed to the dynamics of development of relations with Kazakhstan.  "We also need to try to intensify ties with other countries of the  Union," the expert said. Manaseryan also noted the importance of  effective economic management and using the professional potential of  the Diaspora.

"If all these tasks are implemented, then we can expect an increase  in business activity in the range of 7-8% at the end of the current  year. Otherwise, growth will not exceed 3-4%," he emphasized.

At the same time, the expert recalled that the EDB forecasts economic  growth growth of 5.7% for Armenia in 2024, the IMF - up to 5%, the WB  - 4.7%, the UN - 5.2%, the Central Bank - 6.1%, and the state budget  envisages growth at 7%.

According to the economist, 2024 will be full of negative trends.  According to him, in order to prepare the forecast, the possibility  of economic growth being conditioned mainly by temporary geopolitical  factors, which can leave the economy without a growth driving force,  was taken into account.

The expert also noted that the growth may be due to the strengthening  of domestic demand through the further flow of remittances and the  stimulation of the fiscal policy. Manasaryan emphasized that a lot  will depend on the employment and social status of Artsakh refugees  in Armenia.

At the same time, the economist emphasized that traditional growth in  the sectors of services, IT, real estate, finance and tourism may be  insufficient without improving the situation in the real sector -  industry and agriculture. Manaseryan also noted that exports could  grow in non-export areas, in particular trade and tourism, which are  extremely sensitive to shocks.

In the context of external factors influencing growth dynamics, he  mentioned the stagnation processes taking place in the Chinese  economy and the outcome of the Ukrainian crisis, which could have an  impact on the dram exchange rate. 

According to the expert, economic growth may also be affected by  foreign economic policy and Armenia's reorientation to the West.

At the same time, he pointed out the risks associated with the  opening of the Armenian-Turkish border, which could be accompanied by  a large-scale expansion of inexpensive Turkish products. The  economist also expressed concern about the dynamics of poverty growth  in Armenia, which, according to the World Bank, amounted to 42% in  2023, and in the Shirak region this figure is higher - over 60%.  "This is not only a socio-economic, but also a political problem," he  emphasized.

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