ArmInfo. The World Bank estimates indicate that economic growth in Armenia has demonstrated steady progress in recent years, leading to a reduction in poverty, higher tax revenues, and more job opportunities, as stated by Eduard Hakobyan, Chairman of the State Revenue Committee (SRC), who participated in the World Bank conference "Armenia's Economic Pulse: Fairer Markets for Inclusive Growth."
He added that attracting investment and strengthening a competitive and predictable business environment are essential for future economic success. In this regard, he assured that the SRC continues to work consistently in all these areas, ensuring a predictable tax environment, effective administration, and a fair and equal playing field for all economic entities.
Meanwhile, as previously reported by ArmInfo, a World Bank report shows that poverty levels remain high. According to the study, in 2023, the poverty rate in rural Armenia was 63.3% based on purchasing power parity (PPP), while in urban areas it was 52%. Moreover, according to WB projections, the poverty rate in Armenia based on PPP is $8.3 per day (updated in 2021). It is expected to decrease from 56.2% to 53.1% between 2024 and 2027.
However, WB experts note that certain factors could slow the pace of poverty reduction. In particular, they pointed to slower growth in agriculture and services, which are the main employers of the poor, as well as geopolitical risks and supply chain disruptions in global trade.
