Economic growth, high sense of security must turn back the wheels of emigration – finance minister

YEREVAN, NOVEMBER 12, ARMENPRESS. Increasing Armenia’s economic and security resilience is a top priority for the Armenian government, finance minister Vahe Hovhannisyan has said.

Hovhannisyan presented the Pashinyan Administration’s 2025 budget bill to parliament on Tuesday.

“The economy isn’t spinning backwards, but by relying on the existing potential, it shifts to a new level of development and creates solid grounds for the sustainable progress of our country,” Hovhannisyan told lawmakers. “This is a historic opportunity unseen since the global financial crisis. In this context we must preserve and create a favorable environment for the further improvement of that potential. On the other hand, the current developments make us diversity and strengthen security systems. Thus, the increase of the country’s economic and security resilience is a top priority,” the finance minister said.

The Armenian economy has displayed high resilience despite the difficult challenges and the normalization of economic activity paces following the high growth of recent years.

The government projects 5,8% economic growth for 2024, and 5,6% for 2025.

As a testament to the high resilience of the economy, the minister pointed out that the original projection of 4-4,5% potential growth was increased up to 5-5,5%. In this context, besides external factors, the government’s policies of increasing investments in infrastructures, increasing competition in various product markets and improvement in the business environment played a role in this.

“Economic growth and the high sense of security must turn back the wheel of emigration. It must convey to our countrymen the confidence that their homeland is the best destination to enjoy the result of their work and realize their creative ideas,” Hovhannisyan said.