The last 20 years were regressive for Armenia – expert Mckinsey&Company

YEREVAN, November 16. /ARKA/. “The last 20 years were regressive for Armenia.Transition from one economic situation substituted each other, re-distribution of ownership, new political and economic formations took place”, said Avetik Chalabyan, Director-partner of McKinsey&Company on Russia and NIS countries, Member of National Competitiveness Fund to the journalists on Saturday. “From the point of view of economic development, the last years were regressive for Armenia and it influenced on social and education systems”, said Chalabyan.

The current situation continued till 2008, after which the society required new solutions and return to development. “We try to solve such problems and return to the development of economy for having its place in the world and regional economy”, he said.

High indicators of economic growth were recorded in the county till 2008 which was 7 times less than in USA. It explains difference in the life levels and is the result of complicated social situation in the country, particularly taking into account social polarization, isolation of the country from geographical and religious point of view.

“Many talented people leave the country and see the opportunity of self-actualization only abroad which is a serious consequence of economic situation in the country”, said Chalabyan.

As for the region, it is a paradox, as there are no economic principles and the cpuntry is mainly managed by political and cultural aspects which are more important in decision-making.

“In this regard, Armenia should develop programs which will allow to live in the region and provide opportunity for economic development. It is essential for Armenia to become attractive for every Armenian”, said Chalabyan.

It does not mean that Armenians should return back to Armenia but it will create pre-conditions for them to come back without having any difficulties. “It is necessary to make the country more dynamic, attractive, developed and open for the world and even expansive in the region.

Our expansion can be in culture, economy and business, for which we need to solve a number of preliminary issues”, said Chalabyan. –0–

spot_img

POPULAR

Central Bank: Starting July 1, consumers in Armenia will be able to block online financial transactions with a single tap

Starting July 1, 2026, consumers in Armenia will be able to block online financial transactions with a single tap, via mobile banking or a financial institution's website, the Central Bank of Armenia press service reported.

A 10% or 15% cashback: Acba Leasing’s offer for businesses

In Armenia, green investments are gradually becoming not an alternative, but a strategic choice.

Trend of declining public debt-to-GDP ratio in Armenia will continue – Ministry of Finance

Armenia intends to continue reducing its public debt-to-GDP ratio, stated Deputy Finance Minister Avag Avanesyan.

Central Bank of Armenia presented data on sustainable development in the context of financial stability

The Central Bank of Armenia published its "Sustainability Report 2025," presenting approaches to sustainable development in the context of financial stability.

Armenia to Receive €120 Million Loan and €15 Million Grant from KfW Bank for Power Grid Connection with Georgia

At a meeting on Thursday, the Armenian government approved the signing of a €120 million loan agreement with the German bank KfW for the "Caucasus Transmission Network - NIF" project to connect the power systems of Armenia and Georgia. Additionally, a €15 million grant agreement with KfW was approved for the "EU Caucasus Transmission Network - NIF. Phase II" project.

LATEST NEWS

spot_imgspot_imgspot_img