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It is possible to make an economic revolution happen in Armenia, but first of all the country needs to clearly assess the current economic situation, says economist Gagik Makaryan, the president of the Republican Union of Employers.

Speaking to Panorama.am, the economist underlined the need to develop a clear-cut strategy, specifying the directions through which it would be possible to achieve an economic revolution.

“We need to understand how we are going to push for an economic revolution – through the formerly established plants or from scratch by setting priorities and trying to create something new through foreign investments,” he stressed.

The economist, says an economic revolution requires great funds, stressing the need to improve the business environment if the resources are to come from the sector or to boost foreign investments if the authorities plan to set up funds to drive a strong economic growth.

Makaryan recalled the government’s decision to create a new ministry of military industry and information technologies, a move that, according to him, requires an understanding of the possible measures to develop the military industry.

“Either it could develop with the existing industrial plants that will be modernized or new plans will be established. But new concepts, new designs, technological ideas are needed for the development of military industry, technology or an economic revolution, which first of all demands education reforms,” he stressed.

The expert stressed the need for modernization of the economy and labor force. Thus, the education system should be fully reviewed to achieve an economic revolution, otherwise, the expert says, in a few years the education will turn out to be the very thing blocking an economic growth.

“Unfortunately, no significant reforms are carried out in the education sector and one day we shall face serious issues. We need skilled cadres to make a revolution, and if we don’t find them, we shall face problems, while recruiting them from other countries will be yet another problem. To hope that the repatriates will help to fill that gap is less likely, since it’s unclear who will come or when. We cannot control repatriates,” he added.

“Most importantly, a political will exists, but the state system should be joined by qualified professionals,” the economist concluded.