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Since joining the World Bank in 1992, Armenia has recorded quite a significant progress, Armenia’s Minister of Finance Vardan Aramyan said on Monday, at a forum dedicated to the 25th anniversary of partnership between Armenia and the World Bank (WB).

The minister noted that the progress is measured by a per capita GDP growth, the Infrastructure Development Index, as well as the population’s purchasing power, which show that Armenia has made a substantial progress.

Mr. Aramyan stated that over the recent period, Armenia’s Government has motives and demands to take ambitious steps envisaged in the Government’s action plan and voiced by a representative of the World Bank.

Vardan Aramyan also added that currently Armenia needs to reshape its economic growth model, which the country adopted before the 2008-2009 crisis. “The very crisis revealed that the economic growth model was not sustainable, since the high growth rates, which we recorded at the time, in fact partially stemmed from the global expansion trends and the transfers, boosting the demand, contributing to the development of the capital construction, etc.” he noted.

The minister highlighted the need for the steps aimed at promoting the economic growth due to increased internal productivity in Armenia.

“I would like to state that we have been pursuing this goal over the recent years. For instance, the export’s share in the GDP has increased by over 10 percentage points since the crisis period,” he added.