«Our target for the year is very ambitious». Gevorg Papoyan

In the first quarter of 2024, Armenia's economic growth was 9.2 percent. This figure was presented by the Minister of Economy Gevorg Papoyan during a joint meeting of the Permanent Commissions on European Integration and Financial-Credit and Budgetary Issues of the National Assembly of Armenia.

“Our target for the year is very ambitious—7 percent economic growth,” the minister declared. He noted that various organizations estimate Armenia's economic potential to be around 5-5.5 percent, which means it is considered that Armenia can achieve that level of economic growth, and any excess should be attributed to additional efforts, knowledge, or other macroeconomic influences.

According to the minister, many international partners believe that we will see even higher economic growth, around 6-6.5 percent. “Despite this, we have set a target for economic growth that is higher than our potential. We work every day precisely towards that 7 percent economic growth,” said Papoyan.