Manaseryan: Armenian economy uses only tiny fraction of its potential

ArmInfo. 75% of GDP in Armenia is the share of shadow economy, and in certain fields this share is 90% and higher, Head of Alternative Research Center, Doctor of Economics Tatul Manaseryan said at today's press conference.

"Armenian economy uses tiny fraction of its potential. Certainly we are vulnerable in terms of economy but the role of economists is in helping the development of the country, and not just making statements. I have high hopes with the running minister of economy, and am sure that he will use the opportunity to mobilize scientific-technical potential and direct it toward development of economy", he added.

Touching upon the issue of fighting against corruption Manaseryan emphasized that this problem has only one solution, which is punishment. He brought Singapore as an example where corruption and bribery are punished by a death penalty.

According to the expert Armenia has a lot of work to do in economy. First and foremost stability and sustainability of economic development shout be ensured. Each day we loose opportunities for strengthening economic potential, while in regional level we loose the opportunities to raise the role and image of the country. And most importantly we should occupy our niche on Russian market of IT, program software and military-industrial sector. The cooperation in the latter sector might be ensured via establishing joint enterprises for producing military equipment in Armenia, which would solve not only the problem of employment but of national security as well, Manaseryan thinks.

It will sound cynical but the Armenian economic diplomacy is not capable of anything today.  Diaspora should be involved in the work. For example we have compatriot in China who heads large military-industrial corporation and in order to attract him to Armenia only reliability is needed, which should be ensured on national level. We should use the considerable potential of our Diaspora, the expert summarized.

To note in 2015 GDP of Armenia grew by 3% versus 3.5% growth in 2014. The major share of Armenian GDP accounts for trade.