Tuesday, May 14 2024 23:50
Naira Badalian

Finance Minister: Armenia`s GDP generation growth potential increased  from 4-4.5% to 5.5-6%

Finance Minister: Armenia`s GDP generation growth potential increased  from 4-4.5% to 5.5-6%

ArmInfo. The growth potential of Armenia's GDP generation increased to 5.5-6%. Armenian Finance  Minister Vahe Hovhannisyan assured an ArmInfo correspondent of this on May 14 on the sidelines of the Annual Meeting of the European Bank for Reconstruction and Development in Yerevan.

According to the minister, the growth potential has increased from  the previous 4-4.5% due to structural changes, investments, support  programs and developments in various fields over the past 2 years.   At the same time, the Minister of Finance said that there is some  justice in the criticism of the counterparts of the country's  financial authorities regarding the structure of economic growth -  the lion's share of economic activity falls on the non-exported  sector, re-export plays a significant role in ensuring the recorded  indicators.

"Of course, in terms of numbers we are experiencing high growth, but  we also need to pay attention to the quality of growth. And if there  are quality problems, it is necessary to pursue an appropriate policy  in this direction, which is what is being done," he emphasized.

At the same time, Vahe Hovhannisyan does not see anything wrong with  the fact that economic growth, to some extent, is ensured through  re-exports. "If it weren't for this factor, we would grow more  slowly. In the end, if Armenia promotes the "Crossroads of Peace"  project, it will also have to serve trade, and this trade can be in  the form of re-export," the RA Minister of Finance concluded.

Notably, Armenia's annual exports reached $11.2 billion in March  2024, of which about 65% were re- exports. 

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