Hovik Abrahamyan leaves behind heavy heritage – economist
Armenia’s macro-economic indicators saw a considerable decline during Hovik Abrahamyan’s tenure, an Armenian economist said today, commenting on the heritage left behind by the former prime minister.
Speaking to Tert.am, Vilen Khachatryan highlighted particularly the low paces of economic growth.
“The state debt which has crossed the threshold of [US $] 5 billion (reaching about $5,400,000), is really a problem. We have a high unemployment rate, with the exports having been cut down and the decline in the development sector continuing. The coming cabinet is not expected to inherit positive developments or a successful economy,” he said.
Asked whether he agrees to the justifications that the deteriorated economic situation is due to external factors, the economist replied, “It is certainly possible to lay the blame on the outside world. Following the 2008 [global economic] recession, everything can be explained from that perspective. But there are countries on which external shocks never have such a heavy impact. Whenever any country in the world is taken ill with a lava, we are not supposed to find ourselves in hospital. The government failed to elaborate those tools or elaborated them with poor quality standards. The medicine fell short of producing the necessary impact to fight the disease,” he explained.
Khachatryan noted that Abrahamyan’s government failed to not only secure the promised 7% economic growth but also explain the reasons behind its failure. He also highlighted the higher budgetary deficit and increased foreign debt [against the previous cabinet] as major shortcomings. “This government did not even have any chances to borrow a debt; it had to increase the debt threshold to 64% of the GDP,” he said.
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