Martin Galstyan: It is essential to implement challenging reforms

ArmInfo. Large-scale changes may occur in the Armenian economy with the introduction of international  standards in various sectors of our life- construction, food production, etc.

This viewpoint was expressed by the Chairman of the  Central Bank of the Republic of Armenia, Martin Galstyan, during a  press conference on May 6.  "For example, we may decide to produce  dairy products according to European standards. This is a natural  opportunity for productivity in the economy, but we are aware that  some businesses may also close," he explained. The head of the  Central Bank noted that such decisions will certainly be difficult  and painful.  However, in his opinion, it is challenging to imagine  another way to ensure the continuation of economic growth in the long  term.

Additionally, Galstyan emphasized the importance of investing in  education and R&D. "The country needs to have a stable macroeconomic  situation, but many things must change through painful and difficult  reforms that will enable us to implement higher standards  than what  we have today," he stated.