Armenian PM makes promises bordering on fantasy

/By AzerNews/

By Laman Sadigova

The Armenian prime minister may lose his last drop of public confidence due to promises made bordering fantasy.

Hovik Abrahamyan is determined to convince everyone that the government will achieve a 4.1-percent economic growth rate, which it has been set for this year.

This is despite the fact that economic forecasts indicate the Armenian economy is suffering a deep crisis and the upcoming year will see a worsening of the situation.

This time, the Eurasian Economic Commission also disappointed Armenians with its pessimistic predictions, although they used to support the post-Soviet country before. A few days ago, the Commission announced forecasts regarding Armenian economy, which have made western financial organizations to foresee a worse outcome.

The surprising promises of Abrahamyan, suggest that he does not read the reports about the current situation in the small and weak post-Soviet country or he is counting on the Armenian peoples’ naivety and unawareness.

Armenia indeed could raise its economy through systematic changes, the fight against corruption, the cessation of its aggressive policy, and future planning. Most likely, the government clearly understands this, however, the only things that are done are empty and groundless promises.

On the backdrop of investment declining, the crisis in Russia, the deterioration of the situation on the frontline with Azerbaijan, a huge wave of migration and other problems, promises about a 4.1 percent economic growth in Armenia mean only menace for the national economy. It is clear that Armenia and its dying economy now can survive only by “scraping” the country’s internal resources, forcing people to escape from the destructive state with a vengeance.

Abrahamyan faces the challenge of saving his job, and in fact is ready to destroy the country's economy.

Practice shows that in the last few years, even the dismal economic outlook for Armenia in reality turned out to be underestimated.

Practically, the Armenian economy is held afloat due to foreign credits, which the government uses only to maintain its regime. Credits go out to support and strengthen the regime, in particular, to avoid a massive collapse of the national currency. These funds should be invested, to make a profit in order to make people’s life easier.

According to media reports, Armenia's external debt has exceeded $4 billion; much of it is accounted for the IMF and the EU. Sooner or later, Armenia will have to officially recognize the economic failure and declare bankruptcy.