Economist Sargsyan: Armenia in decline, recovery to take 50 years

Chairman of Armenia’s Chamber of Auditors, economist Nairi Sargsyan has said that Armenia is in decline and its recovery will take 50 years.

"Armenia's industry is in decline. The mining industry is in decline. The food industry has shrunk by 6%. Over the last 5 years, meat production in Armenia has significantly decreased. Because of this state policy, it is unprofitable for a peasant to engage in animal husbandry," Sargsyan stated in an interview with Armenian media, Caliber.Az reports.

"All this means that Armenia has no production potential. Consequently, in order to fill the planned budget, the current government will either have to raise taxes or inflation will occur. It is not excluded that in a few months we will witness an increase in electricity, water and gas tariffs.

As for poverty in Armenia, about one-third of the population of Armenia is considered poor. According to the latest data, the lower poverty line is 53 thousand drams (131 dollars - ed.), the upper limit is 63 thousand drams (156 dollars - ed.). And, a person who earns on average 57-58 thousand drams (141 - 142 dollars - ed.) per month is considered to live above the poverty line. Naturally, our citizens know better than we do, and they all go to the store, spend and see that their earnings are no longer enough. This applies to about a third of society.

This government has brought the country to such a state that we are at zero. There is a popular saying: the bottom has run away, i.e. it has been destroyed so much that we are going down. The current authorities have destroyed the country that it will take even 50-60 years to restore what has been destroyed," Sargsyan said.