In the conditions of the principle of providing the purposeful targets of the five-year programme, as well as preserving the positive developments formed for the economy of the Republic of Armenia the in 2024, the tax-budgetary policy will be led by providing 7% economic growth will continue, stressing the essential increase of the state investments aimed at preservation of the tax-budgetary stability and the growth of economic potential.
Providing conditions necessary for the productivity and competitiveness is laid on the basis of the mentioned economic policy, where the implementation of the measures, the essential growth of the state investment share, as well as the promotion of the growth of productivity through the development of capacities aimed at the improvement of the investment environment and the encouragement of investments is of great importance.
The Governor of the RA Central Bank (CB) Martin Galstyan, presenting the CB conclusion at the NA next sitting on the RA draft law on State Budget for 2024.
Providing expedient high economic growth of the RA Government will essentially depend on the complete volume of the big investment programmes in the infrastructure and the capacities and results of the implementation in the established terms aimed at boosting the export and the improvement of the investment environment. According to the CB Governor, the tax-budgetary part will have an expanding impact on the gross demand. In 2024, it was targeted to essentially raise the level of the state investments and at the same time ensure the tendency of decreasing the debt burden of the RA Government by the tax-budgetary policy.
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As a result of the improvement of the outlined high economic growth, legislative reforms, as well as the tax administration, essential 0.75 percent of taxes/GDP indicator was outlined.
In 2024, the RA state budget revenues will have deterrent effect of the gross demand. The formation of the stable levers improving the collection of the taxes and ensuring the efficiency within the framework of the administration and relevant legislative initiatives designed in 2024 were emphasized.
According to Martin Galstyan, the CB will continue the consistent implementation of the demand regulation adopted in recent years and the stabilization policy of the inflation expectations. Summing up the CB Governor noted that the expanding tax-budgetary policy outlined by the state draft budget for 2024, though in the conditions of high demand can contain certain risks in terms of ensuring macro-stability, but stresses the consistency of the Government in the goals of the state investment growth aimed boosting the economic potential. The latter will also create bases for the gradient specification of progressive demand and the rise of the GDP potential level.
The CB Governor answered the deputies’ questions touching upon the economic security, the investments, the tax entries, the GDP/debt ratio, the risks of possible devaluation of the national currency exchange rate in the context of the security geopolitical developments.
National Assembly of the Republic of Armenia