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Armenian Government Expects Faster Growth In 2021


Armenian Prime Minister Nikol Pashinian (file photo)

The Armenian government has revised upwards its economic growth forecast for 2021, expecting a faster growth after last year’s decline.

At a cabinet session on Thursday acting Prime Minister Nikol Pashinian said that the economy is now projected to grow by 6 percent this year.

Earlier, the forecast was that the Armenian economy would grow by 3.2 percent after shrinking by 7.6 percent in 2020 due to the coronavirus pandemic and the war in Nagorno-Karabakh.

“I am glad to say that while economic growth forecasts are being revised upward, our economic growth forecast for 2021 now is 6 percent,” Pashinian said.

“It is important that in parallel with these indicators, we are quite successfully fulfilling the revenue part of the state budget, and in this regard, we have even over-fulfilled it during the first half of the year,” the acting premier added.

The kind of revision comes less than two weeks after Pashinian and his political party, Civil Contract, scored a landslide victory in snap parliamentary elections, gaining the right to form the next Armenian government single-handedly.

Ensuring a more dynamic growth of the economy was one of Civil Contract’s pledges during the election campaign.

Speaking at today’s cabinet session head of the State Revenue Committee Eduard Hovannisian presented some details of the tax collection during the first six months of 2021.

He said that tax revenues in the period in question amounted to more than 750 billion drams ($870 million), whereas they had originally been planned at a level of 683 billion drams.

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