Armenia records 40-notch progress in global GDP ranking, says finance minister

Armenia has improved its position by 40 points in the global GDP ranking, finance minister Vahe Hovhannisyan has said.

He was asked by MP Gegham Nazaryan in parliament to explain the “secret” behind Armenia’s economic growth when the country doesn’t have oil, gas, cotton reserves or strong manufacturing industry.

“If we list all countries according to their GDPs, Armenia advanced by 40 notches during this period. I think the huge untapped potential which is possible to utilize in times of democracy is the reason. If we make the right decisions we will be able to utilize this potential even more,” Hovhannisyan said. 

He said creating the favorable conditions for citizens to utilize their skills is crucial for economic progress.