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Armenia’s former Prime Minister Hrant Bagratyan believes the situation could be worse in Armenia’s economy. The economist’s remarks came at a year-end discussion in PolitEconomia research institute that addressed the economic situation in Armenia and the perspectives for growth.

Reflecting on microeconomic indicators, Bagratyan predicted 6,5-7% economic growth will be reported by authorities which is artificial per Bagratyan and is exaugurated at least twice.

In his words, the import and sales of vehicles, the service sector and the gaming industry that secured 25-30% growth and the mining industry with its 18% growth hold the main share in the economic structure.

“In terms of structural growth, the mere sphere that recorded a slight increase is the processing industry. Overall, as an outcome of the new economic policy declared last year the car import and sales, gaming and the mining industries continue leading in the economy. It will require an extreme imagination to name this a success,” Bagratyan said.

He next stressed as a consequence of the current government policy, the country will have only losses in the best scenario. In the worst scenario, the losses can be of immense volumes.