Economy in Armenia

  • Revised IMF forecasts signal gloom on global economic outlook

    AFGHANISTAN, 2015/01/20 Low oil prices will not provide a sufficient updraught to dispel the clouds hanging over the world economy, the International Monetary Fund said on Tuesday. In a sign of its increasing gloom about the medium term economic outlook, the IMF cut its world economic increase forecasts by 0.3 % points for both 2015 and 2016, despite believing cheaper oil represents a “shot in the arm”.

  • Huge debts remain huge problem for Armenia

    ARMENIA, 2014/11/19 Armenia plans to apply for a $275 million external deficit to heal its economy next year. Huge all of foreign deficit greatly afflicts the Armenian economy, which heavily stands on its own two feet. The government owes huge debts to foreign financial institutions, whilst its citizens remain the major debtors of the domestic banks. "Armenia resembles a peasant, who gets a loan from one bank to repay its debts to an extra bank," Armenian parliament's legislator Nikol Pashinyan said.

  • Shadow economy gaining momentum in Armenia

    ARMENIA, 2014/11/09 Official data shows that shadow economy is growing in Armenia by reaching almost $2 billion a year. Chief of the Union of Employers Gagik Makaryan said the annual level of the black market in Armenia is about $1 billion and the figure is regularly growing each year. "I'm sure that the annual turnover of the black market has reached $2 billion. The government has no willing to remove the underground economy," he noted. Black market is part of an economy involving goods and services which are paid for in cash, but hidden from tax registrations. The shadow economy is as well a system uniting those who can't find a full-time or regular job. Workers settle down to any activity that pays them under the table in an uneven working conditions with unreported gain and unpaid taxes. Oligarchy and monopolistic policy of economy are viewed as the major factors fuelling the underground economy.

  • Armenia is on way to lose 'existence'

    ARMENIA, 2014/02/08 Armenian President Serzh Sargsyan received a "warm welcome" from Armenians living in Czech Republic. The crowd chanted slogans such as "We are against the Customs Union", "Stop the oligarchy", and "Serzhik, go!" outside the President's resident where Sargsyan met with his Czech colleague on January 30. Sargsyan's official visit to Czech Republic encouraged Armenians living in Prague to voice their turmoil publicly. Protestors dissatisfied with the critical problems like emigration and unemployment in their homeland called for on his resignation.
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