Armenia's Economic Growth Ranks Fourth Highest in the World, Says Kerobyan

In 2022, Armenia's economic growth reached 12.6 percent, making it the fourth highest in the world. This announcement was made by Armenia's Minister of Economy Vahan Kerobyan at the „Innoprom-2023“ industrial-innovative expo-forum held in Yekaterinburg, Russia, as reported by Sputnik Armenia.

According to him, this year, the country is continuing to progress at similarly rapid rates, having already recorded a 12.5 percent growth in the first five months.

„The reforms we carried out over the past five years to improve the business environment are yielding results. We have also made significant constructive reforms in the fight against corruption and in improving the justice system,“ said Kerobyan.

He reminded that four IT companies based in Armenia have already become so-called unicorns, meaning their capitalization has exceeded 1 billion dollars. Last year, 12 thousand companies were opened in Armenia, some of which had foreign capital. As a result, he stated, last year the volume of foreign direct investments amounted to 1 billion dollars.

According to Kerobyan, this is a record figure, accounting for more than 5 percent of the GDP. „Regarding the volume of investments, it amounts to 4.5 billion dollars, which is 22 percent of the GDP. We also have numerous projects that are in the implementation phase,“ the minister emphasized.

Since the beginning of 2022, more than 2,000 companies in Armenia have benefited from state subsidies for industrial modernization, acquiring machines and other equipment worth over 300 million dollars.