Are the concerns about the economic collapse in Armenia currently exaggerated or is it really a serious threat to the state, which can cause new catastrophes in the country? What are the possible prerequisites and causes of the collapse? Is governance the main source of threat? This study aims to provide answers to the above questions and assess the likelihood of economic collapse in Armenia. The risks and vulnerabilities accumulated in the economic system of the Republic of Armenia for the last three years were analyzed, as well as the anti-crisis policy of the Government of the RA to deal with the catastrophe that hit the country in 2020 was discussed. The Government's previous experience of successfully coping with the 2009 crisis, and some examples of countries that have gone through an economic collapse were brought. Reference was made to the possible steps that the current Government can take, learning from the previous experience of effective governance in the state, as well as from the devastating mistakes of the collapsed countries. At the end of the research, the possible scenario and mechanisms of economic collapse were modeled using modern econometric methods, as well as their possible effects on the economy were assessed. Full material is only available in Armenian․

This reference summarizes the annual report for the year 2020 of the Audit Chamber of the Republic of Armenia on audits selected via risk-based methodology. In particular, the reference presents the general description of the above-mentioned audits (areas of auditing, types, nature of registered violations, etc.), as well as the most significant facts of the audits included in the annual report. Full material is only available in Armenian․

This reference summarizes the conclusion of the Central Bank of Armenia on the execution of the RA state budget for 2020. The most remarkable assessments and problems of budget execution, registered by the Central Bank, are presented. In particular, the topics included in the reference relate to the partial and incomplete implementation of the anti-crisis measures of 2020, the underperformance of capital expenditures of the state budget, the sharp increase in the level of public debt, as well as problems related to the restoration of the potential of the Armenian economy. Full material is only available in Armenian․

This reference summarizes the conclusion of the Audit Chamber on the implementation of the RA 2020 state budget. In particular, the reference includes the most notable violations of the RA state budget execution registered by the Audit Chamber in 2020 and the corresponding recommendations for their elimination. The topics are on the state procurement process, the program classification of state budget expenditures, the performance of non-financial indicators of the state budget, the internal audit process conducted in state bodies, and other issues registered in terms of state budget execution. Full material is only available in Armenian․

The objective of the present analysis is to assess the execution of the state budget of the RA in the given period. First, we describe the general state of the economy of the RA, namely the driving forces of economic activity, the developments in individual sectors of the economy, the behavior of the components of the demand – consumption and investment – and so on. Afterwards, we analyze the performance of government revenues and expenditures by comparing the actual and planned values of the respective indicators. We conclude the analysis by summarizing the main observations and results. Full material is only available in Armenian․

In the present analysis, given the data published by the Statistical Committee of the RA, we study the recent social-economic developments in the economy of the RA. In particular, we consider the cumulative indicator of economic activity of the given month, its sectoral distribution, as well as the dynamics of individual sectors of the economy. We also analyze economic developments in the foreign trade, labour market and fiscal system of the RA. In addition, some aspects of the financial system (inflation, deposits and loans), as well as the behaviour of the exchange rate, are touched upon. Full material is only available in Armenian.

During the reporting period, the Luys Foundation team carried out large-scale analytical-research work, covering a wide variety of topics.
Our focus is on the current developments in law, economy, politics, international relations. During the year, our team published about 70 researches, in which not only the existing problems and challenges were analyzed, but also appropriate solutions were sought and suggested.

In the present analysis, given the data published by the Statistical Committee of the RA, we study the recent social-economic developments in the economy of the RA. In particular, we consider the cumulative indicator of economic activity of the given month, its sectoral distribution, as well as the dynamics of individual sectors of the economy. We also analyze economic developments in the foreign trade, labour market and fiscal system of the RA. In addition, some aspects of the financial system (inflation, deposits and loans), as well as the behaviour of the exchange rate, are touched upon. Full material is only available in Armenian.

The objective of the present analysis is to assess the execution of the state budget of the RA in the given period. First, we describe the general state of the economy of the RA, namely the driving forces of economic activity, the developments in individual sectors of the economy, the behavior of the components of the demand – consumption and investment – and so on. Afterwards, we analyze the performance of government revenues and expenditures by comparing the actual and planned values of the respective indicators. We conclude the analysis by summarizing the main observations and results. Full material is only available in Armenian.

A draft law is being discussed in the National Assembly, according to which the Central Bank should create and maintain a centralized register of bank accounts, in which all commercial banks operating in the territory of the Republic of Armenia must necessarily participate.

The information included in the centralized register of bank accounts relates to the right of banking secrecy, derived from the fundamental right to private life guaranteed by article 31 of the Constitution. In this context, the draft law is problematic from the point of view of compliance with the requirements of the Constitution in the case of restrictions on basic human rights.

The draft law does not regulate the procedure of maintenance of the centralized register of bank accounts, the procedure and grounds for providing information from it and the range of bodies to which this information may be available. Taking into account that the draft law concerns the right of banking secrecy, all these issues should be addressed on the level of law.

The study of international experience shows that, in contrast to the draft law, international documents offer regulations that allow to ensure balance of interests and guarantee confidence in the banking system, and do not disproportionately restrict the right to privacy. Full material is only available in Armenian.