Prime Minister Nikol Pashinyan said Monday, September 16 that shadow economy in Armenia will shrink by 3% in 2019.
Shadow economy is defined as the illicit economic activity existing alongside a country's official economy, such as black market transactions and undeclared work.
Pashinyan told a press conference in Vanadzor that the improvement of tax administration in 2018-2019 has led to a significant reduction in the size of the shadow economy.
"This is what gives us the opportunity to repay old debts, increase capital investments and move on to a gradual growth in salaries and pensions," the PM said.
