Economist says Armenia is emptying (video)
Financial expert Bagrat Asatryan predicts a 10-percent economic decline in Armenia in 2015. Talking to reporters on April 10, the former head of the Central Bank of Armenia said the forecast is based on the trends that were observed at the end of 2014. “The flow of remittances from Armenians working outside the country has fallen by 50 percent and this is one of the most profitable spheres. About 2,5 billion drams entered the country annually. Now imagine that that money is no longer there,” he said. Bagrat Asatryan also predicts 8-10 percent inflation in 2015. “If the CB and the government continue to work in the same way as they did in 2014, nothing will be changed from the economic point of view,” he said stressing that the current economic situation may lead to dramatic changes in the exchange rate. The economist also spoke about the key economic indicators which show that unlike its neighbors Georgia and Azerbaijan, Armenia has experienced economic setbacks in recent years. “Armenia is a dangerous place for investments. Our political elite prefer to invest in Georgia,” Mr Asatryan said. Unable to put up with this grave economic situation, people are leaving the country. “Emigration has increased by 10-12 percent, with people preferring to show their attitude in this way. This is terrible. The country is emptying,” he said.
