News - Economy minister: Investments in Armenia increased by 17.5% compared to previous year

Economic growth of 8.3 to 8.5 percent is expected in Armenia for the current year. Compared to the previous year, investments in the country increased by 17.5 percent, and productivity is expected to reach 9.6 percent. Minister of Economy Vahan Kerobyan stated this during the year-end extended meeting of the Board of the Union of Manufacturers and Businessmen of Armenia held on December 23. He noted that the budget of the Ministry of Economy of Armenia was 64.3 billion drams in 2023, but next year it will increase by 47 percent, as the respective allocations will reach 90.8 billion drams. According to Kerobyan, in 2023, about 44,000 new jobs were created in Armenia, the average salary increased, and the poverty rate dropped from 26.5 percent to 24.8 percent in the country. "The total trade [of Armenia] is expected to be 110 percent of the [country’s] GDP, and to end 2023 with an export-GDP ratio of 54.5 percent indicator," he said. Also, Vahan Kerobyan thoroughly reflected on the projects implemented in Armenia in agriculture, as well on the ongoing work in investments, industrial policy, quality infrastructure, exports, strategic domains, and infrastructure development. In terms of the development of medium-sized enterprises (SMEs), the economy minister pointed to the four main interventions planned by the 2021-2026 program of the Armenian government: science-SME link promotion, education-SME link promotion, public-private sector dialogue, and access to finance.