Armenia has shadow economy with turnover of $600 million – State Committee

There is a shadow economy with a turnover of about $600 million in Armenia.

The remarks came from the head of the State Revenue Committee (SRC) of Armenia Rustam Badasyan during a discussion of the draft state budget in the country's parliament on October 31, Caliber.Az reports, citing Armenian media.

"We cannot claim that we will succeed in ensuring a 100 per cent transparent economy. However, it is obvious that the shadow economy needs to be reduced," Badasyan said.