Last time we asked, “What has a greater impact on Armenia’s economic crisis,” acknowledging of course that both the international crisis as well as the economic policies of the government do have a huge role to play. Nearly half agreed that the problem is indeed caused by both. However, just over a third of respondents put greater responsibility (or blame) on the government than on the international crisis.

It is evident that there is a serious problem with the economic development program of the government and the way it has been implemented.

The key to emerging from a recession this deep and this broad is the restoration of confidence. Building confidence is ultimately about building trust. Trust in our government, in our business leaders and in the fundamentals of our economy and economic future.

Right now that trust has been shaken badly. The government is trying to respond to the situation by a series of actions. What is lacking still, is a clear message about the scope and breadth of the problem and a clear philosophy about reforming the urgency to remove the intractable roadblocks in our economic system. At a time of crisis, in which government and people understand that the solutions must come at a cost, and that cost must be fairly and evenly shared, it is possible to implement reforms, changes, new directions that otherwise would be difficult to do.

Of course it is true that the crisis was precipitated by the global emergency. But this does not alleviate the responsibility of the authorities who must still demonstrate vision and foresight both to minimize the impact of the global crisis, and to use the opportunity to open new doors, create new platforms, remove old obstacles and generally take the country’s economic development to a new level.

The government’s initial inactivity regarding the crisis further exacerbated the situation and the Armenian economy will probably take much longer to recover from the shock of the ‘unexpected blow.’ But there is still time to take, like other countries and governments, a more realistic view and seize the opportunity from within.

It is perhaps not late at this stage to try to redeem and save the existing scanty resources that are not totally lost yet. It does not seem to be an Armenian trait, however, to accept one’s mistakes. So we will be waiting now for the Armenian lucky star to deal with the consequences of the dusty windstorm of the global crisis.