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The Governor of the Central Bank (CB) Martin Galstyan submitted the conclusion of the Central Bank related to the draft law on RA State Budget for 2022. According to the rapporteur, the RA state budget programme for 2022 is quite ambitious and assumes a significant increase in economic growth and potential compared to the midterm of the expenditure programme of the Government. “7% economic index growth has been outlined for 2022 under the economic goals targeted by the Government’s five-year programme aimed at increasing the economic potential of the Republic of Armenia and in the conditions of the expected favourable external economic developments,” the CB Governor said.

The high economic growth planned for next year is based on large-scale state investments in the infrastructure and spheres for the development of human capital, as well as measures to boost the export sector of economy, which will promote the increase of competitiveness of the country and overall productivity.

According to Martin Galstyan, in 2022, the rapid recovery of aggregate demand will continue due to the growth of both domestic and foreign demand.

Touching upon the fiscal policy, the CB representative has noted that smooth consolidation will continue in 2022, combining it with a policy of significantly increasing the state investments to boost the economic growth, effectively increasing expenditures and continuously improving the tax administration, thus contributing to certain reduction of the debt burden.