It is indeed expected that Armenia will have an economic growth of about 8 percent in 2023, Finance Minister Vahe Hovhannisyan calls the year quite successful in terms of finances.
From 2024, all persons with an employment contract must submit an income declaration, which means that the declaration for 2024 will be submitted in 2025.
In an interview with “Armenpress”, Minister of Finance of Armenia Vahe Hovhannisyan summarized the past financial year and presented the main tasks for 2024.
“In general, 2023 can be considered a fairly successful year, we managed to collect more tax than planned. In 2023, we continued to do what we started in 2022, what was outlined by the government’s plan. “We continue to have a significant increase in capital expenditures. this increase will continue in 2024,” said the minister.
“We see today that already in 2023 we will have an economic growth close to 8 percent, even though a month ago we predicted around 7 percent,” the minister noted.
(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “//connect.facebook.net/ru_RU/sdk.js#xfbml=1&version=v2.6&appId=403315783090535”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “//connect.facebook.net/en_US/all.js#xfbml=1&appId=429534133762584”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));
What are the key strategies Armenia is implementing to sustain its economic growth in the coming years?
Interview with Vahe Hovhannisyan: Armenia’s economic Growth and Future Prospects
Editor at Time.news: We are pleased to have Finance Minister Vahe Hovhannisyan with us today to discuss Armenia’s expected economic growth, tax reforms, and the financial outlook for 2024. Thank you for joining us, Minister Hovhannisyan.
Vahe Hovhannisyan: Thank you for having me. It’s a pleasure to share insights about our economy and plans for the future.
Editor: Armenia is projected to have an economic growth of about 8 percent in 2023. What factors have contributed to this remarkable growth?
Vahe Hovhannisyan: Indeed, we are pleased with our economic performance. Several factors have contributed to this growth, including triumphant tax collection efforts, increased capital expenditures, and a commitment to the government’s economic plan established in 2022. Our initiatives have stimulated various sectors, leading to robust growth projections.
Editor: Can you elaborate on the tax collection achievements and their significance for Armenia’s economy?
Vahe Hovhannisyan: Certainly.In 2023, we collected more tax revenue than we initially planned. This reflects our improved tax administration and compliance efforts,which are crucial for financing public services and infrastructure. The additional revenue allows us to invest in areas that promote sustainable economic growth.
Editor: Looking ahead to 2024, there is a new requirement for all individuals with employment contracts to submit an income declaration.What are the implications of this policy?
Vahe Hovhannisyan: The introduction of mandatory income declarations is a significant step towards enhancing financial transparency and accountability.Starting in 2025, individuals will need to report their incomes for the previous year. This policy aims to streamline our taxation system and ensure that everyone contributes their fair share, ultimately leading to better public services and infrastructure.
Editor: You mentioned that capital expenditures would continue to see a significant increase in 2024. how does this align with Armenia’s broader economic goals?
Vahe hovhannisyan: The increase in capital expenditures is critical for our development strategy. It allows for investment in infrastructure projects, education, and health services, thereby fostering an surroundings conducive to long-term economic growth. We believe that these investments will create jobs and improve the quality of life for our citizens.
Editor: For citizens and businesses,what practical advice can you provide regarding these changes and the economic outlook?
Vahe hovhannisyan: I encourage both citizens and business owners to stay informed about these developments. Understanding the new income declaration requirements will be essential for compliance. Additionally, businesses should take advantage of the continued growth and investment opportunities in Armenia. The economic environment is favorable for innovation and expansion, and we are hear to support that progress.
Editor: Thank you, Minister Hovhannisyan, for sharing your insights. as Armenia prepares for a successful 2024,we look forward to seeing the positive impacts of these initiatives on the economy and society.
Vahe Hovhannisyan: Thank you for the opportunity. I remain optimistic about Armenia’s future and am committed to ensuring that our economic strategies benefit all citizens.
Editor: For those following Armenia’s economic journey, stay engaged with the latest news on our website as we continue to track these developments.