Poverty rate 'steadily high' in Armenia since 2006 – economist
The past decade was a “lost period” for Armenia’s economy, with the poverty rate showing absolutely new signs of decline, according to an economist.
“The purchasing power and the Gross Domestic Product (GDP) are on the same level as ten years ago,” Aram Kayfajyan told Tert.am, citing official statistics.
The National Statistical Service last Monday published its Social Snapshot and Poverty in Armenia, 2017 report, which revealed a 27.7 poverty rate in the country (1.8% higher compared to 2017). The findings show no decline in the total poverty level in 2016.
Kayfajyan attributes the problem to governance-related and global challenges. “These are the two reasons accounting for what we have now, i.e. – lost 10 years, which were an important period, and which contributed to emigration. The rest of the problems are more or less easy to solve or overcome,” he added.
The economist stressed the importance of attracting investments to increase the population’s purchasing power and later boost also the economic activity.
“We need to create more jobs and attract new investments. Increased transfers too, could contribute to that. It is important to direct the savings to investments to make people optimistic about the future, enabling them to expand their business instead of freezing amounts,” he added.
“Investments of $300 million up to $1 billion would be significant for a small economy as ours, as they would impart additional impulses and increase the purchasing power. But that’s not a problem to resolve in just a day. It is important to try in a way to secure an economic growth close to the double-digit record and most importantly, meet the 5% target. That’s the critical threshold to enable our economic to grow. And a 10% target would help essentially reduce poverty rate and increase the purchasing power,” he added.
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