Macroeconomic stability is Armenia’s calling card, stated Martin Galstyan, Chairman of the Central Bank of the Republic.
YEREVAN, May 29. /ARKA/. Macroeconomic stability is Armenia’s calling card, stated Martin Galstyan, Chairman of the Central Bank of the Republic.
“A predictable and stable macroeconomic environment is a key prerequisite for capital market development. The Armenian economy has undergone a profound transformation over the past few years, significantly expanding, increasing production capacity and competitiveness, and firmly establishing macroeconomic stability,” he said at an international conference dedicated to the 25th anniversary of the Armenia Securities Exchange.
According to Galstyan, Armenia’s GDP growth has averaged 8.5% quarterly since 2022, one of the highest growth rates in the world.
“Growth was primarily driven by construction and services, including exportable sectors such as finance and IT,” he explained.
Noting that inflation accelerated in the second quarter of this year amid supply-side factors in the energy and food markets, the regulator’s head said the Central Bank Board is vigilantly monitoring inflationary processes and added that prudent fiscal policy is a key pillar of macroeconomic stability.
“The government adheres to a robust fiscal rule, which allows us to maintain sustainable debt and deficit levels while simultaneously making the long-term investments in education, infrastructure, and reforms necessary to ensure sustainable and strong growth and development in the long term,” he stated.
Galstyan also noted that Armenia’s macroeconomic stability, amidst a highly volatile and crisis-driven global and regional economic environment, is the result of consistent investments in institutional capacity and prudent macro policies on the part of both the Ministry of Finance and the Central Bank.