Economy

Recent news and events from Tower International Consultants
13 Jan
Economy Growth concept
Armenia’s economy trends in global context: 2023-2024 overview

Even though Armenia is the tiniest country in the Caucasus region, with about 3 million people, it catches attention because of its growing economy. When you look into why this is happening, you'll find creative entrepreneurs, smart researchers, scientists, and a strong community spirit.

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30 Jun
Central Station of Yerevan, Armenia
What industries are growing faster in Armenia?

Armenia, recognized as the swiftest developing nation in Eastern Europe and Central Asia according to the World Bank, presents a highly promising investment destination. With an escalating pace of economic growth projected for the upcoming years, the country offers lucrative opportunities for investors.

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29 Sep
Questions and answers about Armenian business ecosystem
6 FAQs about Armenian business ecosystem

Armenia’s business environment evolves at an exciting pace regardless of or due to external factors. And even though the ecosystem is quite developed and fully compliant with the latest digital transformations, it is sometimes challenging to find...

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19 Feb
Residential building in Yerevan
The future of construction business in Armenia

The construction of new apartment buildings, which have significantly increased in previous years, was mainly carried out by private organizations, and the activity of the sphere is connected by specialists with the well-known income tax return law.

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11 Dec
woman-working-with-laptop-outdoor
Tech segment’s growth impact on Armenia’s economy

Тhe hi-tech industry is the fastest growing economic industry in Armenia. ‎Last year, the turnover of Armenian tech/IT companies increased to ~$ 400 ‎million, or by 20 percent. In 2020, also the number of employees in this industry increase by 22%

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12 Apr
Business Loans in Armenia
Business loans in Armenia. How easy is it to get business credit in Armenia?

Official statistics states – there are 68 500 small and medium-size businesses currently operating in Armenia, and their number has not increased compared to last year mainly because of the COVID-19 pandemic impact

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10 Nov
Tax know hows in Armenia
Special service of handling your legal, accounting and tax compliance work

Tower International Consultants CJSC is one of the few financial service advisory companies which has continued to operate under Covid-19 and the recent political situation in the RA thus making its small investment in the economy.

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27 Oct
Mobile payments
Online payments in Armenia: perspectives and future

The current year registered an unprecedented rise of online payments, because of many reasons, including the global healthcare situation: it is predicted to have 1 billion people using mobile payment apps worldwide at the end of the year and 1.31 billion by 2023!

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21 Aug
Tax Reforms in Armenia
Tax Reforms in Armenia: Who are the beneficiaries?

From January 2020 Armenian switched to a flat income tax rate that sets income tax at 23% for each RA citizen regardless of their income size and will continue to decrease to 20% by 2023

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26 Jul
Armenian Dram Cash Money
Banking Industry Transformations in Armenia and in the World

The last 7-month world is living in a state of an emergency, and the banking industry is not an exception. Banks’ performance on the debt market and equity is at the same level as during Lehman Brothers’ collapse in 2008. During the starting phase businesses and borrowers started to lose income, jobs and sales, facing...

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17 Jun
North Avenue, Yerevan, Armenia
Starting Production Business in Armenia

Advantages of production business in Armenia Located in western Asia, Armenia exported US$2.6 billion worth of products around the globe in 2019. With the highest GDP rate in all Europe (7.6% GDP growth and GDP CAGR to 2020 is 3.2% for Armenia vs. CAGR of 2.7% for global GDP), economic reforms, and “open door” policy,...

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