In 2022, Armenia's economic growth was 12.6 percent, which is the fourth highest indicator in the world. This was announced by Armenian minister of economy Vahan Kerobyan at the Innoprom 2023 International Exhibition and Forum of Industry and Innovations held in Yekaterinburg, Russia.

According to him, Armenia's economy is progressing at an equally fast pace this year as well, and has already recorded a 12.5 percent growth in the first five months.

"The reforms that we implemented during the past five years to improve the business environment are yielding their results. We have carried out quite a lot of constructive reforms also in the fight against corruption, in improving the justice system," Kerobyan said.

He recalled that four IT companies founded in Armenia have already become “unicorns;” that is, their capitalization has exceeded $1 billion.

Kerobyan noted that last year, 12,000 companies were opened in Armenia, and some of them had foreign capital. As a result, according to him, the amount of foreign direct investments in Armenia last year was $1 billion. As per Kerobyan, this is a record indicator and more than 5 percent of the country’s GDP.

"As for the amount of investments [in Armenia], it is $4.5 billion, which is 22 percent of the [country’s] GDP. Also, we have many programs that are on the road to implementation," the economy minister emphasized.