The Economy May Suffocate: Pashinyan

We constantly hear from our economists that the economy of Armenia has been growing beyond its potential in recent years, meaning our real potential is much lower than the growth of our economy. This was announced today, May 18, by Prime Minister Nikol Pashinyan at a government meeting.

“The economy may suffocate, and we want our development potential to increase,” he stated.

Referring to one of the initiatives undertaken by the government, Pashinyan said, “A person has a company and wants to hire a highly qualified specialist. If that specialist, who has a PhD, asks for a monthly salary of 2 million drams, then the government will provide 50 percent of that salary, which is 1 million drams, thus halving the employer's labor costs, while all results belong entirely to the employer. The government will also be the owner of the value generated as a result.”

It should be noted that this program lasts for three years, meaning the government will fund 50 percent of the salaries of high-ranking employees for three years.