Armenia's economy is comatose, says Vardan Bostanjyan, an Armenian economist.
Talking to journalists on Monday, the expert recalled that the National Statistical Service has published a 3% economic growth, while a 10% economic growth was announced at the meeting of Russian President Vladimir Putin and Armenian President Serzh Sargsyan in Moscow.
He said the country's economy is comatose due to a range of objective and subjective factors. Bostanjyan explained that the presidents declared such high economic growth simply because they had to speak about something within their hour-long meeting.
He urged fundamental not cosmetic changes in the state governance system in Armenia.
"The Armenian youth is now thinking of how to fulfill their potential outside Armenia where there are normal environment and conditions to make a progress," Bostanjyan said. He said that such a brain drain is one of the factors affecting the economy of Armenia.
As for the suggestions to withdraw from the Russian-led Eurasian Economic Union to try to ensure higher economic growth rates through cooperation with Iran and European countries, the expert urged not to blame anyone, since the country's development depends on the political will of the governance system.
It is noteworthy that by WB's January forecast, Armenia will see a 2.2% economic growth, which is higher than in Azerbaijan (0.8%), and lower than in Georgia (3%). As compared to 2015, WB forecasts certain slackening of the economic growth (from 2.5%) in Armenia, (from 2%) in Azerbaijan, and acceleration (from 2.5%) in Georgia.
IMF sharply improved its economic growth forecast for Armenia in 2015 from decline to a 2.5% growth and 2.2% in 2016. EBRD improved its forecast for 2015 to 2.3% from 1.5% decline and a 2% growth in 2016.
To recall, in the Central Bank's monetary policy for Q4 2015, GDP growth forecast for 2015 was reduced to 3.2%-3.9% with more slackening in 2016.