Karen Martirosyan, shareholder of Avenue Consulting Group and co-founder of Export Armenia, highlights the critical need for improving productivity through technology adoption, increasing export volumes, and diversifying export markets as key drivers for Armenia's economic growth.

 

He noted that in today’s world, wealthier nations are those that work more efficiently. Armenia currently lags behind European countries in productivity. During a government meeting on March 11, Prime Minister Nikol Pashinyan pointed out that Armenia not only falls behind developed countries but also other EAEU member states in terms of productivity.

 

Minister of Economy Vahan Kerobyan mentioned that the average hourly productivity in Armenia is only six dollars, compared to the EAEU average of 11 dollars and 43 dollars in developed countries.

 

Martirosyan stressed that increasing productivity is essential to accelerate socio-economic development and raise economic growth rates in Armenia. He added that international organizations like the OECD (Organization for Economic Co-operation and Development) place significant emphasis on productivity in their annual reports.

 

In 2020, the Armenian government introduced a 2020-2024 strategy for SME development, with productivity as its cornerstone, aiming to drive all other economic indicators from this key metric

Source