Economic growth has not significantly affected the standard of living of the ordinary citizens of Armenia. Economist Suren Parsyan noted this in an interview with Armenian News-NEWS.am.
The growth in the service sector of Armenia is mainly due to the growth in the banking as well as in the gambling sectors.
"The logic of the growth of the banking sector comes from the fact that a large amount of financial means began to be transferred to Armenia. At the same time, the banking system serves these very means," said Parsyan.
He recalled that the banking system of Armenia allocates a lot of money to the mortgage market. In other words, according to the economist, the growth in the banking sector of Armenia is obviously speculative.
