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Armenia’s economic activity rate has been on the decline starting from the beginning of this year, but the rate is lower now from the same period last year, economist Bagrat Asatryan told reporters on Tuesday.
Asatryan, who formerly headed the Central Bank of Armenia, says not only the economic, but also political and foreign factors have influenced the country’s economic activity.

“The first negative impacts we experienced after the revolution regarding the banking system leakage or a decrease in assets have neutralized. Meantime, the positive expectations that developed among the public have not been realized yet,” he said. 

“I think the uncertainty dominating the political sphere today plays a key role. This period used to see active discussions of state budget, economic programs and expectations, but no one seems to talk about it now. Unfortunately, the economic issues have become secondary, or tertiary now,” the economist said, adding a breakthrough in the sphere can be expected only after the country achieves domestic political stability. 

He also said Armenia’s economic slowdown may be linked with declined global coper and gold prices, as well as the economic situation in Russia and the developments in the country.

Asatryan sees no essential dynamics in Armenia’s economic policies following the Velvet Revolution, adding the country is still facing major economic gaps.

Artak Manukyan, an economic adviser to Acting Prime Minister Nikol Pashinyan, reaffirmed the need to change Armenia’s economic structure as voiced by Pashinyan earlier this month. “The existing structure cannot ensure a long-term and stable growth prospects. That change implies that we should be ready to sacrifice some indicators for the sake of quality,” he said.

He did not share the claims that the country pursues no economic policy line. “The very fight against corruption comes to show that there are necessary conditions that allow to make the country competitive,” he said.