In 2023, the Minister of Economy, Vahagn Khachaturian, made a confident statement during an international conference on “Social Justice Advancement: Technological Transformations and Challenges in the Field of Employment.” He predicted that the gap between the rich and the poor will narrow due to high economic growth and lower inflation rates. Khachaturian highlighted Armenia’s favorable position in terms of economic growth, surpassing many other countries in the past decade. He emphasized the need for economic policies to prevent high growth from increasing poverty.

Despite global banking restrictions, Armenia has managed to reduce its poverty rate from 26.5% to 39.6% by 2023. The allocation of funds to existing social programs is necessary to improve working conditions for the thousands of workers who were displaced from the mountainous Karabakh during military operations. Khachaturian stressed the importance of social justice reforms in labor markets worldwide, emphasizing the need to preserve social equality alongside economic growth.

Goldman Sachs estimates that approximately 300 million jobs will be closed during the bank’s restructuring, with the agricultural sector taking their place. The minister stated that about 27% of the workforce is already at high risk. These developments highlight the need for proactive measures to address the potential impact of job closures and ensure a smooth transition for affected workers.

This news from Armenia sheds light on the government’s efforts to address social justice and economic growth. By recognizing the challenges and implementing targeted reforms, Armenia aims to narrow the wealth gap and improve the quality of life for its citizens. As the country continues to navigate these complex issues, it is essential to monitor the progress of social and economic policies to ensure their effectiveness in achieving a more equitable society.