Armenia will record more than 10% economic decline, and the public debt will exceed $9,000,000,000. This is what economist Vardan Bostanjyan told Armenian News-NEWS.am.

Bostanjyan explained that the economy is regressing, and it’s rather difficult to depict positive tendencies in this situation.

“I don’t agree with the finance minister who predicts 3.2% economic growth. There aren’t even small signs of economic development in Armenia today,” Bostanjyan said.

The analyst expressed certainty that there will be economic decline due to the negative consequences of the pandemic and the war, adding that the situation is becoming complicated due to the extremely low level of effectiveness of the public administration system.

As far as the public debt is concerned, the analyst says it will exceed $9,000,000,000. He also recalled that the Armenian government has issued Eurobonds in the amount of $750,000,000 and stated that this is also a debt.

Today Minister of Finance of Armenia Atom Janjughazyan told reporters that the country’s national debt may be close to $8,900,000,000 and added that Armenia forecasts 3.2% economic growth this year.