Poverty reduction trend to be continuous, says finance minister

Finance Minister Vahe Hovhannisyan said Tuesday that the economic developments have begun positively impacting the social indicators.

Speaking in parliament, Hovhannisyan told lawmakers that the poverty rate dropped 1,1% in 2023, simultaneously mitigating the income inequality rate. The poverty gap index has also improved, reducing by 0,3%, he said.

“We’ve also recorded positive movements in multidimensional poverty and relative poverty rates at the expense of 3,4 and 0,9 percentage point decrease respectively. Extreme poverty has also decreased, by 0,1%. Furthermore, the current positive developments allow us to assume that the trend of poverty reduction will be continuous,” Hovhannisyan said.