Photo Credit: PanARMENIAN
“In Armenia there is now no corruption,” boldly declared newly elected Prime Minister Nikol Pashinyan. While this is an exaggeration, early, anecdotal evidence shows that corruption in Armenia has decreased since Pashinyan’s Velvet Revolution this spring. This means investment in Armenia may be less financially and legally risky from corruption. Western companies may want to take a fresh look at potential Armenian partners and business opportunities in the country.
Major corruption indexes have not yet quantified these changes. Data from 2017 and 2018 show that corruption in Armenia posed a significant problem to businesses. Nearly a quarter of survey respondents admitted to paying a bribe in 2017, on par with the world average. For years, multiple corruption ratings for Armenia have stagnated close to the average for Eurasia. Observers should watch these indexes over the next year to see if evidence of reduced corruption emerges.
Over the last decade Armenia enacted modest reforms, improving its anti-corruption laws and limiting citizen and business contact with government, which theoretically decreased the risk of corruption. Read More...