About the diversification of Armenia’s economy

World Bank representative in Yerevan Aristomene Varudakis announced at a press conference on December 17 that it is practically impossible to diversify Armenia’s economy due to corruption in the taxation and customs spheres. To combat this it is necessary to have political will, but the measures so far taken by the Government are not sufficient.

Varudakis thinks that Armenia’s future does not lie in construction, which is one of the essential parts of Armenia’s economy. According to his prognoses Armenia's GDP will have fallen by 16-17% by the end of this year while inflation will be 5.5%. Poverty is therefore increasing. He says that the situation will stabilise beginning next year, in which GDP will increase by 1.5%.