Finance Minister says ensuring 5% annual economic growth is ambitious but achievable program

YEREVAN, JUNE 16, ARMENPRESS. Finance Minister Vardan Aramyan says the 5% annual economic growth set by Armenia’s Government as a target is ambitious but achievable program, reports Armenpress.

At a meeting with reporters on June 16, commenting on the statement of Parliament’s Vice-Speaker Eduard Sharmazanov according to which the government will propose to define 5% as target for annual economic growth under the new program, Finance Minister Aramyan said they are not afraid of setting high rates before them.

“You know that for this year we have set the minimum threshold for economic growth - 3.2% which we need to implement. However, we have said for many times that it is not enough for solving the existing social problems in the country. In order to solve these problems, we must seek for higher economic growth which in fact we are doing. Time will show whether we will succeed or not”, he said.

He stated that it’s necessary to make serious efforts to ensure higher economic growth rates. Commenting on the Vice-Speaker’s another statement according to which the government will also propose to increase the minimum wage by 25% within 5 years, the Minister said this was taken from President Serzh Sargsyan’s speech at the first session of the new Parliament where he set such a task before the government. “I think it’s necessary to focus on that part of the President’s speech where it is presented how our economy is going to be. The President speaks about the competitiveness of our economy. And if we are able to build a competitive economy, it will in its turn lead to economic growth. And if we record an economic growth, we cannot forget about social problems”, the Minister said.