YEREVAN, OCTOBER 30, ARMENPRESS. Armenia’s government will continue the policy on implementing structural reforms and restoring relatively high economic growth rates in 2018 guided by the principles of ensuring medium-term and stable economic growth and implementing the goal of making the export as the driving force for economic growth, President of the Central Bank of Armenia Artur Javadyan said at the joint session of the parliamentary standing committees presenting the CBA report on Armenia’s 2018  state budget draft, Armenpress reports.

“In 2018 it is predicted to have 4.5% real economic growth which will be reached thanks to the services and industry fields. In 2018 the economic growth will be conditioned by both external developments, in particular, by the recovery of Russia’s economic growth and maintenance of high level of copper prices, as well as by domestic developments, the impact of reducing interest rates as a result of a number reforms and fiscal policy conducted in 2017”, the CBA President said.

It’s worth mentioning that the improvement of investment environment in 2018 will be accompanied by ensuring the continuation of investment promotion directed for export branches. During the course of the year increase in investment activeness both in public and private sectors is predicted, moreover, in the private sector greater investment activeness is expected. “Guided by the principles of maintaining macroeconomic stability, decline of the budget deficit in GDP is expected for 2018 against the expected 3.6% of 2017 ensuring the 2.7% of the GDP. The latter is an important condition for stabilization of state debt and its gradual decline”, the CBA President stated.  

In 2018 the fiscal consolidation will continue. “The implementation of the 2018 state budget program will have a restraining impact on the aggregate demand, and in this case the main burden for ensuring economic growth in 2018 is put on large-scale structural reforms. All these, accompanied by ensuring the continuation of fiscal policy programs, will contribute to macroeconomic stability creating base for economic growth in the long-term”, Artur Javadyan said.