Today, 12th of December, the Head of the Armenian Financial Regulator, Marti Galsytan, announced that the economic growth forecast for 2023 is significantly higher than the previous one set by the Central Bank of the Republic. This news caused a stir among the public and created a buzz among economists, who expressed their opinions and made several predictions about the further development of the situation.
The Chairman of the Central Bank of the Republic, Artak Sahakyan, welcomed the news and highlighted that the economy of Armenia is progressing and developing faster than expected. He also added that the new figures will lead to an improvement in the macroeconomic indicators and to greater stability in the country.
The positive dynamics of the Armenian economy is mainly due to the efficient government policies implemented in the last few years which have resulted in an increase in foreign investments and a decrease in unemployment. In addition, the reforms in the tax and financial systems have improved the efficiency of the public sector and attracted more international investors. Furthermore, the government has taken initiatives to diversify its economic activities, which has contributed to an increase in economic growth.
The new optimism for the Armenian economy is also shared by the different international bodies, such as the World Bank and the International Monetary Fund. These organizations have acknowledged the progress of the country in the sectors of public finances and macroeconomic stability. It is expected that the country will be able to maintain its current level of growth, and even increase it in the future, in order to reach sustained development.
The Armenian Financial Regulator’s announcement of a higher economic growth forecast for 2023 is indeed good news. It shows that the country is moving in the right direction and that the government policies are having a positive impact on the economy. This news should be an incentive for the citizens to continue their hard work in order to make Armenia a prosperous and stable country.
