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Both the current and former state systems in Armenia have completely failed, economist Suren Parsyan, head of the ARF Bureau's Economic Research Office, told a discussion hosted by the For Social Justice Party on Monday.

He called for creation of a new state administration system to handle the crisis in the country.

The economist attributed Armenia’s defeat in the recent Artsakh war and territorial losses also to a wrong socio-economic policy pursued by the authorities. Parsyan stressed the need for social solidarity, stating people have to realize that the problem “is not with one person, but the logic and philosophy.”

"New concepts must be developed. It is necessary to present an alternative socio-economic development program and guidelines to the public. It will allow us to overcome this difficult situation and move forward, building a strong, developed and secure Armenia,” he said.