Economy: Growth is arithmetic, but development is quality

"In Armenia there has been no development from the economic point of view, a growth or a decline have been recorded, which is just arithmetic, whereas economic development is a qualitative phenomenon,” management expert Harutyun Mesrobian said during a discussion on the post-election economy today.

According to him, if there has been a growth in exports, it does not necessarily mean economic development, but if, for example, the share of information technology sector has grown in the economy, it already means qualitative development.

As regards foreign investment, Mesrobian noted that no solid investments are made in an oligopolistic economy, especially by foreign investors who understand that the economy is monopolized, there is no guarantee of development and they may encounter artificial obstacles.