Armenia’s economy and private transfers

Private cash transfers from abroad account for about 12-13% of Armenia’s GDP, its Minister of Economy Nerses Eritsian has stated. He said that Armenian Diasporas around the world are very important for the country as only 1/3 of the total number of Armenians live inside the country. The Minister stated that Armenia’s Government is working with the World Bank to transform private monetary transfers into investments which can become the source of economic growth.