Armenia's Economy is Experiencing a Boom, Says Nikol Pashinyan

The current pace of economic growth in Armenia provides an opportunity to consider the economic difficulties arisen from the pandemic and the war as overcome, and to restore the pace of economic development. This statement was made by Prime Minister Nikol Pashinyan during the joint meeting of the standing committees of the National Assembly while discussing the state budget proposal for 2023.

“Today, the economy of the Republic of Armenia is essentially experiencing a boom. According to the data from January to September, the economic activity indicator has been 14.1 percent. This is an extremely important indicator. It is important to note that this pace gives us the opportunity to consider 2022 results as a recovery from the purely economic difficulties caused by the pandemic and war in 2020, and to restore our economic development pace, which is exceptionally crucial. This means that purely in terms of the economy, we have the opportunity and will utilize that opportunity to return to the pace of 2019 this year,” Pashinyan said.

He emphasized the importance of assessing this economic dynamism. According to Pashinyan, the government's approach to the economy since 2018 has aimed for minimal intervention in economic relations, focusing instead on creating economic opportunities and overcoming economic challenges. “In this regard, I think today we are somewhat reaping the fruits of our politics aimed at overcoming monopolies, eliminating oligarchs, ensuring equality before the law, and overcoming systemic corruption,” the Prime Minister added, stating that this has been the government’s declared agenda.

According to him, political pillars have been laid at the foundation of economic growth. Pashinyan also noted that this year a very important event regarding Armenia's economic image has occurred, as Armenia has ranked 11th among 100 countries in the Economic Freedom Index, significantly improving its standing.