The government of Armenia sets ambitious economic growth targets
On July 2, 2021, acting Prime Minister Nikol Pashinyan held a session behind closed doors where they discussed the recovery plan of the domestic economy.
After the meeting, Pashinyan announced that the government expects economic growth by 7% annually from 2022 to 2026.
Pashinyan further noted that Armenia’s Gross Domestic Product is now projected to grow by 6%.
According to the government program, faster GDP growth will also translate into a sizable rise in tax revenues. They are projected to increase from about $2.8 billion in 2020 to $4.2 billion in 2024.
The main factors contributing to the steady fast growth are the expected investments.
Acting Minister of Economy Vahan Kerobian told the journalists that according to the government plan, 3 “industrial zones” will be set up in the country. Two of them will be intended mainly for Iranian investors.
“Iranian companies are now showing a strong interest in relocating part of their manufacturing facilities to Armenia,” Kerobian added.
Every year more and more foreign investors become interested in investing in Armenia. While a few years ago, investors from Europe (mainly Russia, Germany, and France) were attracted by the Armenian market, currently the investment opportunities of the country made it a popular investment destination for investors from Iran, Dubai, Qatar, and other GCC countries. Check out this article where we shared the whole list of advantages the country offers to foreign investors.
We’d like to remind you that on June 2nd, European Union announced that they will mobilize 2.6 billion Euros for Armenia over the next 5 years. The annual amount will represent almost 5% of Armenia’s yearly GDP.
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