No good news for Armenians
Roughly 19,719 passengers departed from Armenia by plane in the first six months of 2016 and did not return back, Zhoghovurd local newspaper reported, revealing new figures of the rising migration.
Roughly 19,719 passengers departed from Armenia by plane in the first six months of 2016 and did not return back, Zhoghovurd local newspaper reported, revealing new figures of the rising migration.
The passenger traffic at Zvartnots [International Airport in capital city Yerevan] increased by around 11,000 passengers, in the first half of this year as compared to last year, according to the newspaper.
“But the opposite phenomenon occurred in the case of Shirak [International] Airport in Gyumri, where passenger traffic decreased by about 60 percent. (…) we can say that this airport has already suffered major economic losses this year,” wrote Zhoghovurd.
Considering the dire political and economic situation in the country, the above mentioned figures should not be a surprise for observers. Armenia's current emigration rate of 45 percent of the whole population annually is the highest in the world.
The average monthly salary in the country with a population of 2.9 million is around $370, while the average monthly pension is $90, and one third of the population are registered as poor. The national economy is suffering from local oligarchs and monopolies.
Armenia lacks any big foreign investment due to unfavorable economic conditions, along with the systemic corruption. President's brother Alexander Sargsyan even has a nickname 'Sasha 50/50', as he squeezes a half of profits of all businessmen - no matter whether it is a large or small business.
Another big problem of the country is huge public debt, exceeding $5 billion.
Armenia goes into bankruptcy, said MP, former Prime Minister Grant Bagratyan while talking to Radio Azatutyun.
He said in 4-5 years, his country will not be able to pay off its public debt, which has grown many times. Armenian authorities have no strategic program on economic development; however, the country has an opportunity to develop and realize large strategic programs of economic growth, according to the MP.
“They must leave,” said Lawmaker of Armenian National Assembly Grant Bagratyan. “Future economic growth should not just be the growth in some spheres, there should be a change of business elite. They all are linked with the business elite. There shall be a change of business, political and public elite.”
Explaining why the country will not be able to repay foreign debt Bagratyan said: "Because, the debt service in 2020-2025 will reach $1 billion a year, and then $1.5 billion from the current $ 500 million. This trend will never end as the debt of the country over the past approximately 8 years raised from $1.5 billion to $5.5 billion, an increase of 3.5 billion, but the GDP remained the same - $11 billion."