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

Ardshinbank and Ameriabank Account for Over Half of Armenian Banks’ Profit in First 9 Months

Ardshinbank and Ameriabank generated 50.81% of the total profit of Armenian banks from January to September 2026, according to an operational bulletin from the ARKA news agency.

Central Bank of Armenia adopts measures to avert worst-case economic scenarios

The Central Bank of Armenia has shifted its focus from a single baseline scenario to an analysis of multiple potential scenarios, aiming to identify those that pose the most significant threats, according to the regulator’s Governor, Martin Galstyan.

The “Climate Change and Women” Award Ceremony Took Place at COP17: Idram and IDBank

From climate change mitigation to environmental education and innovative solutions, the "Climate Change and Women" award ceremony united leading women in the field, highlighting their initiatives and contributions to biodiversity conservation.

Armenia’s commercial banks contributed 149.22 billion drams to the state budget in the first nine months of 2026

All 17 commercial banks currently operating in Armenia were included in the list of the country’s 1,000 largest taxpayers for the first nine months of 2026, according to data from the State Revenue Committee of the Republic of Armenia.

Euro and ruble exchange rates against the Armenian dram have risen, while the dollar has fallen —Central Bank of Armenia

The average market exchange rate of the US dollar against the Armenian dram, as established in Armenia’s foreign exchange market on October 21, 2026, decreased by 0.05 points compared to October 20, reaching 361.4 drams.

LATEST NEWS

spot_imgspot_imgspot_img