Despite the difficult challenges, joy to everybody, the economy of Armenia displayed and continues displaying a fairly high resistance, including the effective macro-economic policies and equivalent actions being continuously implemented by the Government and the Central Bank. The RA Minister of Finance Vahe Hovhannisyan said on November 14, presenting for debate in the National Assembly the draft law on RA State Budget for 2024.
According to the Minister, the economic growth and activeness rates continue remaining high. The double-digit economic growth was preserved in the first half of this year, and by the results of January-September months, we have 7.0% economic activeness indicat5or growth. In these conditions the economic growth of 2023 is predicted within the frameworks of the targeted 7 percent of the Government and in the conditions of the preserving present tendencies can be more.
In 2024, 7 percent economic growth is also designed, and taxes/GDP indicator improvement by about 0.75%, as a result of which the tax revenues will be 2 trillion 566 billion AMD, being more from the tax revenues of the specified budget of 2023 by 342 billion AMD or by 15.4%.
The expenditures of 2024 will be 3 trillion 17 billion AMD, exceeding the specified budget expenditures by about 415 billion AMD or by 16%, from which the capital expenditures will be 695 billion AMD being more from the capital expenditures of 2023 by 126 billion AMD or by 22%.
Read also
In the coming year the budget deficit will be 340 billion AMD or 3.2% of the GDP, because of which debt/GDP ratio will 48.4% % at the end of the year 2024.
Vahe Hovhannisyan also presented the support programmes to be provided to the persons forcibly displaced from Nagorno Karabakh.
Accordingly, 50.000 AMD allocations being provided on apartment rent and utility services for three months of 2024 (January, February and March).
“The additional expenditures on pensions and allowances will be envisaged, which will require additional about 30 billion AMD. The additional expenditures on education and health will be designed. At this moment, the housing and employment support programmes will not be planned by the budget, because their elaboration and approval can take place at the end of December. Nevertheless, considerable money will be envisaged in the reserve fund, so we won’t have financing problems just the programmes being ready.
Summing up his speech Vahe Hovhannisyan assured that despite the regional and global challenges, in 2024, we’ll have great opportunities of the new quality rise of development in the most different directions. “Due only to our conscientious and consecutive actions we’ll be able to materialize those opportunities and create an environment, where on one hand everybody can reveal his/her talents, on the other hand make our state a desirable place for the talented people of the world, by that raising the international reputation of the Republic of Armenia,” the Minister of Finance concluded.
National Assembly of the Republic of Armenia
