A rather gloomy picture of the economic year 2010 has emerged. The 2.6% economic growth registered this January-November was the result of recovery processes in some industries rather than of economic progress, Bagrat Asatryan,  the ex-chairman of the Central Bank of Armenia (CBA), told a press conference Dec. 23.

“Of course, if we speak of normal countries, 2.6% can be considered a good, or even excellent, figure. However, in Armenia’s case, we should remember the starting point – last year’s 14.4% decline,” Asatryan said. He pointed out a deep economic depression in Armenia.

“The way out of the situation requires system reforms, but the authorities do not at all think of it,” Asatryan said.

“Positive impulses are being received from the outside. The point is if we are able to find a model that would lead our country of this situation. Unfortunately, such a model has not so far been found nor will it be found in the near future,” he said.