"Armenia has no economic potential, opportunities, factories..." Economist Suren Parsyan chides Armenian PM

Armenian economist Suren Parsyan has said that the Armenian government points to unprecedented economic indicators, but these figures have nothing to do with the country.

"Amidst the Russian-Ukrainian conflict, several economic sanctions were applied against Russia, which had a positive impact on Armenia,” Caliber.Az quotes economist Suren Parsyan as saying in the Alpha Newsroom studio.

“We have an unprecedented amount of exports to Russia. A bulk of exports is provided by re-exports. Several goods arrive in Armenia and then are exported to Russia, for example, cars, and equipment. Very often the representatives of our government point to the unprecedented economic growth, and economic indicators, but these figures do not refer to Armenia, European goods come to Armenia and then go to Russia. Consequently, the money received does not belong to Armenia," Parsyan explains.

According to the economist, $5.2 billion came to Armenia in 2022, of which about $3.6 billion was provided by Russian citizens. In the first 5 months of the current year, $2.5 billion arrived in Armenia from all over the world. Of this amount, about $1.8 billion was again provided by the citizens of the Russian Federation.

"It happens when a person has no job, his relative from abroad sends money, and he starts spending: he lives well, dresses well, eats and drinks. But when they stop sending that money, that person goes bankrupt. Now Armenia's economy is like this man, it has no economic potential, opportunities, factories, or large investment programmes. Yes, the money that comes to Armenia gives a positive result," he compared.