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Monopoly has been eliminated in Armenia after the spring revolution, economist Arsen Ghazaryan told reporters during Friday’s scientific conference titled ‘Current challenges and strategic directions of Armenia’s economy development’.

Ghazaryan, who heads the Union of Manufacturers and Businessmen of Armenia (UMBA), is strongly convinced any medium-sized or big businesses have observed it for 7-8 months already.

“This is one of the major achievements of the revolution that we can enjoy now,” he said, naming the equal competition and sharp reduction of risks in the economy as among the other gains of the revolution.

The UMBA chief expects intense investment flows to Armenia when the country achieves political stability after the snap parliamentary elections in December.

“Obviously, after the Velvet Revolution, an economic revolution is in store for us all,” he said, stressing the need to have a competitive and flexible economy.