YEREVAN. – The electricity price increase will result in the closing of numerous small and medium-sized enterprises in Armenia.

Economist Gagik Makaryan, who is also Chairman of the Republican Union of Employers of Armenia, expressed such a view at a press conference on Thursday.

He added that even the respective subsidies, which the government is offering to small businesses, will not salvage the situation.

“Naturally, this [i.e. the subsidies] can’t be considered a major support,” noted Makaryan. “And if large businesses [in Armenia] still can somehow endure this price increase, many small business enterprises [in the country] will face the risk of closing.”