Macroeconomic Stability Armenian Government’s Priority Task


July 28

Ensuring macroeconomic stability and maintaining high-rate economic
growth is one of the priority tasks of the RA Government, RA Prime
Minister Tigran Sargsyan stated at a business forum "Armenia’s global
competitiveness: national projects" held in Tsakhkadzor last Saturday.

"Quite high rates of economic growth have been recorded in Armenia over
the last ten years. Our major achievement is macroeconomic stability,
which is due to the control over on-budget expenditures and budget
deficit, and low inflation rates," T. Sargsyan said.

The RA Premier said that it is macroeconomic stability that creates
the most favorable conditions, and the Government’s task is to maintain
long-term stability.

"Of course, it is a necessary, but insufficient, condition,
because in achieving macroeconomic stability we failed to achieve
social integration, solidarity and social responsibility. So the
accomplishment of the tasks is the second issue on the agenda,"
T. Sargsyan said.

He pointed out that the social integration problem has hardly been
considered over the last 15 years. The authorities believed that an
emphasis on economic growth would subsequently resolve all the other
problems, which proved to be false.

"The economic growth rates could be lower, but social responsibility
and integration lay the foundations for long-term development and
more favorable conditions for people. So social integration is of
primary importance for Armenia, and we will direct our efforts to
accomplish these tasks," the RA Premier said.

Armenia recorded 5.9% economic growth in 2000, 9.6% in 2001, 13.2%
in 2002, 14% in 2003, 10.5% in 2004, 14% in 2005, 13.4% in 2004 and
13.7% in 2007.

10% economic growth is budgeted in Armenia for this year.

The per capita GDP reached $2,844 last year against $593 in 2000. The
per capita GDP was $659.3 in 2001, $739.9 in 2002, $874.1in 2003,
$1,112.8 in 2004, $1,523.7 in 2005 and $1,989 in 2006–0–