The growth in the trade and services sector, which has played a major role in the current economic growth, is largely due to the impact of people and capital arriving in Armenia. Babken Tunyan, an MP of the majority “Civil Contract” Faction in the National Assembly (NA),  announced this at Wednesday’s meeting of the NA Standing Committee on Economic Affairs.

However, as the lawmaker noted, this will not always have an impact on Armenia’s economy. In his opinion, it is necessary to create long-term foundations for high economic growth in the country.

"In the months of January-July, the indicator of economic activity was about 13 percent, whereas the GDP growth in the second quarter was 13 percent. Of course, the domain of trade and services plays a big role in this matter, which is largely due to the impact of people and capital coming to Armenia as a result of the Russian-Ukrainian war. Everyone realizes that this impact is temporary. We will not always feel the same positive impact on our economy. Therefore, our task is to maximize this short-term benefit to increase the performance of infrastructure investments. This will create a basis for long-term and high economic growth," Tunyan explained.