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SHADOW ECONOMY IN ARMENIA
The Messenger
Aug 29 2012
Georgia
Armenian analyst Ruben Grdzelian thinks a substantial part of Armenia's
economy is in the shadow. It is very difficult to change anything
because strong political clans are using umbrellas to cover such
businesses. Attempts to improve the economic situation in the country
such as regulating taxes are due to failure. Unfortunately for the
country's economy the system is an absolute failure. Grdzelian stated
that the system is very difficult to change. He also commented on the
huge financial resources transferred abroad to the offshore zones
by different high-position political figures. Based on the expert
evaluation, Grdzeliani thinks that Armenia's shadow economy is almost
equal to the country's current budgetary revenue. It means that in
reality the country's budget could be double. Meanwhile Armenia hopes
to receive foreign loans either from the EU or from Russia.
From: Baghdasarian
The Messenger
Aug 29 2012
Georgia
Armenian analyst Ruben Grdzelian thinks a substantial part of Armenia's
economy is in the shadow. It is very difficult to change anything
because strong political clans are using umbrellas to cover such
businesses. Attempts to improve the economic situation in the country
such as regulating taxes are due to failure. Unfortunately for the
country's economy the system is an absolute failure. Grdzelian stated
that the system is very difficult to change. He also commented on the
huge financial resources transferred abroad to the offshore zones
by different high-position political figures. Based on the expert
evaluation, Grdzeliani thinks that Armenia's shadow economy is almost
equal to the country's current budgetary revenue. It means that in
reality the country's budget could be double. Meanwhile Armenia hopes
to receive foreign loans either from the EU or from Russia.
From: Baghdasarian