Central Bank President on 2026 Economic Growth Forecast

The President of the Central Bank of Armenia, Martin Galstyan, presented the Central Bank's conclusion regarding the draft state budget for 2026 during a joint meeting of the permanent committees of the National Assembly. He emphasized that the impact of short-term factors that had led to high economic growth in previous years is gradually diminishing, and that ensuring stable growth in the near future will depend on government policies aimed at increasing productivity, enhancing exports, and improving the investment environment.

According to Galstyan, the fiscal policy for 2026 is projected to align with a 5.4 percent economic growth forecast while maintaining debt sustainability and fiscal consolidation. He also highlighted the importance of strictly targeted use of the reserve fund, only for additional financial needs arising from macroeconomic risks.

The head of the Central Bank pointed out that, amid geopolitical and economic uncertainties, there are both external and internal risks that may affect the stability of economic potential. He added that a 0.4 percentage point increase in the tax-to-GDP ratio is expected in 2026, reaching 24.9 percent.