Shadow economy is problem number one for Armenia, said Valeriu Razlog, Head of the EBRD office in Yerevan.
The EBRD arrived at this conclusion after it conducted a poll of Armenian business community. Political instability is another factor, and the customs and tax red tape is the third factor.

A poor business environment is Armenia`s major problem. The Armenian economy lacks diversification. Mr. Razlog also pointed out that the Armenian industry is mainly satisfying domestic demand, while exports remain low.