Time in Yerevan: 11:07:36,   20 May

Armenia's government targets 5% annual economic growth and poverty reduction for 2017- 2022

YEREVAN, JUNE 19, ARMENPRESS. Armenia’s economic growth for the upcoming 5 years will be based on effective and smart use of the economy’s domestic resources and increase of competitiveness abroad, by ensuring the gradual increase of export volumes which must be the driving force for economic growth, Armenpress reports citing the government program which has been approved by the Cabinet and has been submitted to the Parliament.

In order to have competitive and innovative economy the Armenian government will develop and implement Armenia’s digital agenda which will serve basis for transformation of the economy and ensuring viability. The digital agenda will cover all spheres of life: public administration system, infrastructures, economy and jobs, public life, education, science, research, culture, security and integration processes with Armenia’s participation.

According to the government, the activity of business environment must be based on latest, applicable knowledge and management skills. It is necessary to modernize the business ecosystem to promote creation of new jobs and development and installation of innovations, as well as to widely use the latest technologies aimed at increasing productivity growth in the economy.

“Our goal is to find a key to create firmer ties between Diaspora-Armenians and the homeland which will enable to maintain the Armenian identity, as well as make Armenia a pro-Armenian center which unites Armenians worldwide. We are responsible for each other which convinces us to unite our efforts, multiply the opportunities and improve our behavior in the world. We need to create an atmosphere so that the leaders of different spheres, cultural figures, our compatriots famous in education and science fields will take part in the ongoing reforms in Armenia, first of all for bringing new governance culture, serving the knowledge and potential of our best specialists for pan-Armenian goals”, stated in the program.

Under the current program, the government plans to ensure higher economic growth rates, over 5% on average gross domestic product, export growth rates in terms of goods and services, by reaching the export share in GDP to 40-45%, poverty reduction by 12%, increase of number of jobs.

According to the program, the results of steps to be taken under the program reveal the targets the Government’s activity will be directed for the upcoming 5 years.


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