During a discussion on the prospects for the high-tech industry today, CEO of the Union of Advanced Technology Enterprises Karen Vardanyan said the world is dealing with the most large-scale global crisis in history that began in late 2019 and was concealed by the coronavirus pandemic.

Vardanyan added that 58% of companies are currently in a difficult situation, and this means that some of them will have to shut down. Alongside this, some companies are gaining momentum and even have a shortage of specialists, and this will help provide jobs for the specialists of companies that will be shut down in light of the crisis. Nevertheless, Vardanyan is certain that it will take two to three years for the IT sector to recover.

“This will create some problems for the IT sector in Armenia since there will be difficulties for development and export. Armenia will have to seek new paths and new opportunities for development,” Vardanyan said.