Armenian economy beats record worst

/By Azernews/

By Laman Sadigova

Armenia's economy has beaten a record worst since the 2008 global economic crisis. Some analysts alert on the criticism of situation, while the country's political leadership are unable to better it.

Sliding macroeconomic indicators, lack of any scenario and resources complicates leave no hope for optimism in this small post Soviet nation.

Local news portals are full of headlines about new problems which are grasping the country and there is no way for salvation.

The country, torn by protests, crisis, war, poverty, migration and many other problems is ruled by a corrupt regime which thinks of its financial situation rather helping its people to survive. The government has lost control over the situation and show no interest or effort to improve it.

Increasing migration seems to be quite in hand to the state authorities, as, no doubt, it is much easier to rule small state with small population.

Diminishing money transfers is another big problem for the nation, which has a long accustomed to live through incoming funds. The overall amount of transfers to Armenia was the lowest in 2015, making up $68 million compared to $90 million in 2014.

The sad situation with the state debts is also threatening the economic stability as it has crossed the line of $5 billion. The situation would not be so sad if that money had any positive effect on the country’s economy, apart from considerably increasing fortunes of some state and government officials. But, the economic rates are falling down while the country is reaching a dangerous closeness to a “bankruptcy” status. The Armenian officials respond to all the problems with a simple and easy answer – taking loans from international financial institutions.

In the meantime, Armenia's interior debts also increased by 16 percent as compared to previous year to $761.4 million.

Fall in the volume of trade turnover by 20.6 percent surfaced many problems in the foreign trade, which is another challenge for the apathetic government.

The statistics prove worsening of the economic crisis in Armenia, which pose definite threats for all fields of life.