Resources of funded pension plan may seem enormous for a small country. For small countries financial and economic crises are regular occurrences. Governments regularly fighting these crises can always be tempted to destroy what has been created over years with an intention of extinguishing a fire. One can understand the intention. It is like cutting the fast growing apple tree in the garden to warm up on a fierce winter day. However, funded pension resources are the allies and supporters of the governments fighting cataclysms. If the natural growth cycle of these resources is supported, these will provide a stronger arm when the next disaster hits. But this may happen only if the craving for getting warm even for ten minutes during the decades necessary for the growth of the tree and its yielding a successful crop, does not take over the government in panic.

We are shaping the future. While protecting ourselves from the economic shocks resulting from the spread of the coronavirus, or any other calamity, we are still shaping our future. Everything is in our hands. Armenia has been through the financial crisis of 2008-2009, another one in 2014-1015, and is currently facing a new blow, which we are yet to address.

Policy Brief is available only in Armenian.

Since 2018 Global Economic Policy Uncertainty (GEPU) index has been increasing . In parallel, the index of the prevailing direction of economic trends in the manufacturing and service sectors, Managers' Index (PMI), is decreasing . The world talks of economic uncertainty. Has Armenia joined the conversation? 

Policy Brief is available only in Armenian.