7.8% economic growth ‘not unprecedented’ for Armenia – economist

16:56 • 03.02.20
Economy

The major business owners, who were thought to have engaged in an entrapreneurial activity to secure a personal profit for themselves, are at the bottom of the ladder today, an economist affiliated with the Prօsperous Armenia party (PAP) said today, highlighting the difficulties in the customs clearance and realization of goods, as well as the import of vehicles.

Speaking at a news conference,  Vardan Bostanjyan also dismissed the authorities' repeated claims that the 7.8% economic growth is “unprecedented” for Armenia.

“The 7.8% economic indicator was good, but any ‘sneeze’ is kind of considered unprecedented now as though we had no progress at all. The economic activity index reminds one of [the Myth of] Sisyphus; there was a kind of useless job ... We do not, in that respect, see any achievement in Armenia despite the 9% growth in the industries. In all rest of cases, there is a zero qualitative growth in the total structure of the economy,” he added.

Bostanjyan, who formerly represented the PAP faction in parliament, said he sees difficulties also for the competent human resources in the current government. He added that despite the existing real chances to secure a significant output at the expense of a slight economic dynamics, the import of 200,000 cars in 2019 (linked to the customs clearance privileges in the EAEU trade zone) did not offer additional benefits to the domestic economy.

″We will not have the kind of car import business in 2020. Moreover, the imported cars are now vulnerable enough to entail the business sector’s negative impact on the economy,″ he said, noting that the customs fees for third country imports were wrongfully presented as an economic indicators in late 2019.

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