The current annual inflation rate in Armenia is estimated to be between 8.3% and 8.5%. In comparison to the previous year, the volume of investments has seen a significant increase of 17.5%, while the volume of production is expected to reach 9.6%. During a meeting between representatives of the Armenian government and the business community on December 23rd, Economy Minister Vahan Kerobyan announced that the budget for the Ministry of Economy in 2023 has been set at 64.3 billion drams. This budget is projected to increase by 47% in 2024, with allocations reaching 90.8 billion drams.

Minister Kerobyan further highlighted the positive developments in the country. He stated that around 44,000 new jobs were created in Armenia in 2023, leading to an increase in the average wage and a decline in the poverty level from 26.5% to 24.8%. Additionally, he shared that the general retail turnover is expected to reach 110% in accordance with the Armenian government’s plans. Furthermore, the export-import-RA mutual aggregation is projected to reach 54.5% by the end of 2023.

Vahan Kerobyan has been instrumental in various sectors, including agriculture, investments, construction projects, urban development, demining activities, and military fields. One of his key focuses is the development of the IT sector, which is highlighted in the 2021-2026 government program. This program encompasses four main directions: knowledge and IT sector integration, education and IT sector integration, government-citizen dialogue, and financial accessibility.

Infrastructure development and renovation currently have a budget of approximately 10 billion drams, which is expected to double to 21 billion drams by 2024. The 2021-2026 government program also emphasizes three main directions: technological modernization, improvement of skilled worker qualifications, and implementation of digital tools. Within the renovation program, there are 21 projects, including investment urban development, investment activities, and institutional construction.

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