IMF outlines measures to boost Armenia's economic resilience and growth

YEREVAN, December 18. /ARKA/. Reforms aimed at diversifying exports, improving the business environment, strengthening governance, and advancing climate policy implementation are crucial for boosting economic resilience and increasing potential growth, said IMF Deputy Managing Director and Acting Chairman Bo Li.

"Advancing structural reforms will support sustainable and inclusive growth. Ongoing efforts to increase labor market participation, particularly among youth, women, and vulnerable groups, are crucial," he said.

Earlier, the IMF Resident Representative in Armenia, Umang Ravat, presenting the Caucasus and Central Asia: Economic Outlook and Policy Challenges report, stated that the country's economy has the potential for annual growth of up to 5.5% over the next five years, until 2028, provided that structural reforms are implemented and opportunities for labor force integration are realized. He noted that Armenia's economic growth is returning to normal levels as temporary factors, such as the influx of labor from Russia and India and the integration of refugees from Nagorno-Karabakh into the labor market, begin to weaken. “This could affect potential growth for the next 4-5 years,” he said, adding that in the longer term, attention should be given to demographic policy.