YEREVAN, October 23. / ARKA /. Armenia's membership in the Customs Union will take the country to a deadlock, according to Ashot Yeghiazaryan, an associate economics professor at the State Economic University of Armenia.
Speaking to reporters he said the Customs Union membership will make Armenia’s economy ‘static’ and unable to advance, while integration with the European Union will open new and broad prospects that could boost the country’s development.
He said after a certain growth that did not translate into economic rise the Armenian economy has been static in recent years. He said also that growth was highly dependent on external factors – like money remittances and foreign investment, while the domestic growth has been contingent on the mining and agricultural sectors.
According to him, now there is uncertainty and emptiness regarding Armenia’s future. Nothing is being done to diversify its economy.
"It's hard to say what will fill this emptiness, but one thing is clear. Before the announcement that Armenia will join the Customs Union there were hopes that integration with EU would give some dynamism to the economy due to emergence of new domestic sources and favorable external atmosphere,’ he said, adding that Armenia has opted for dependable development that has no perspective.
According to him, the current uncertainty makes it difficult to make an economic outlook, while "the government plans its actions by inertia, without having a specific policy."
"Armenia can not maneuver between the Customs Union and the EU as these two structures are incompatible. I think that Armenia will return back to the track of European integration,' he said. -0-