YEREVAN. – Armenia is not developing since a long time ago because of the economic situation. Major profound phenomena are occurring at us, and they are avoided from being presented.

Former Chairman of the Central Bank of Armenia, economist Bagrat Asatryan, stated the abovementioned at a press conference on Thursday.

He pointed to the four global challenges which Armenia faces, and they are poverty, emigration, monopolies, and corruption.

“If the economic activity index [in Armenia] is 3 percent, it’s incomprehensible why poverty is growing, why people are fleeing the country,” Asatryan said.

In the economist’s words, he had forecast one year ago that Armenia faces a double-digit economic recession, whose preconditions are the drop in remittances from abroad, the decrease in investments, etc.

Bagrat Asatryan added, however, that for countries like Armenia, a 3-percent growth is not the growth that can be described as development.