Problems within the Armenian economy

Armenia’s economy in 2010 gave a poor performance. As former chairman of Armenia’s central bank Bagrat Asatrian stated, Armenia’s economic growth for the first 11 months of this year was 2.8%. Last year, the country suffered a 14% economic downfall which the country has not been able to recover from. According to Asatrian such a low growth rate stems from the achievements made by the mining industry, which was stimulated by world crisis and an increased demand for copper. Asatrian believes that this is an opportune time for the country’s economy to develop and the ruling administration should utilize this momentum. However, analysts still criticize the government’s decision to implement pension reforms as late as 2014.