Kerobyan: Armenia's economy has "subcutaneous fat"
YEREVAN, December 18. /ARKA/. According to Armenian Economy Minister Vahan Kerobyan, the country’s economy has what he described as ‘subcutaneous fat."
"For the second year in a row, Armenia is among the fastest growing economies in the world,’ Kerobyan said in an interview with Public Television of Armenia.
‘Last year, GDP growth amounted to 12.6 percent, this year it is expected to be 8.3-8.5 percent, which again makes us one of the fastest growing economies. In three years we have almost doubled our GDP in US dollar equivalent: from $12.5 billion to almost $25 billion, and GDP per capita has increased from $4,200 to $8, 300. In terms of GDP per capita, Armenia improved its position among countries, moving from 114th place to 86th,’ the minister said.
"We are growing incomparably faster than other countries. And this growth is inclusive. We have also managed to reduce the poverty rate from 26.4% to 24.8%. We have high economic growth and low inflation this year. And this means that by the end of 2023 we will once again significantly reduce the poverty rate," Kerobyan said.
He also said that the external debt-to-GDP ratio has dropped from 60% in two years to the projected 42-43% this year..-0-
