No major economic gaps bridged in Armenia after ‘Velvet Revolution’ - opinion
The economic policies pursued after the “Velvet Revolution” still have many major gaps requiring the new government’s considerable attention, says a former president of the Central Bank of Armenia.
“Regrettably enough, I do not observe any essential dynamics in our budgetary policies or expenses,” Bagrat Asatryan told Tert.am on Wednesday, highlighting “unnecessary clauses” in the 2018 State Budget.
As an urgent problem, the economist called attention to the effective management of expenses. “With the proposed social expenses, we wouldn’t logically be expected to have a 30% poverty rate. That speaks about gaps in the social policies, and the expenses,” he noted.
Admitting that enforcing amendments to the tax law would be practically impossible within limited timeframes, the economist recommended instead phasal reforms “with properly and profoundly analyzed solutions.”
According to the National Statistical Service, Armenia’s economic activity index was 8.9% in the first two quarters. It increased to 9.6% in June, the progress being tangible in almost all the sectors.
The growth in industrial manufacturing was 3.7% against January-June 2017, the gross domestic product being 5.5% in agriculture as opposed to the 3.5% in the development sector and 9.1% in the total trade turnover.
Asatryan praised particularly the progress in the development industries, which he said reflects also the positive dynamics in the population’s demography.
The economics said he even expects an unprecedented increase in immigration by late 2018.
But he admitted also the existing concerns, particularly over the slowing paces of the manufacturing industries. “That, understandably, deals basically with the mountain industries. There are problems that need be resolved from now on. We observed progress [in the imports and exports] in the past two quarters. So that should be our government’s key priority now,” he added.
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