Shadow Economy May Be 40 60 Percent of GDP

YEREVAN (Noyan Tapan)–During an interview with reporters–Chairman of the Union of Banks of Armenia (UBA) Armen Yeghiazarian said that the shadow economy may be 40 to 60 percent of the gross domestic product (GDP) in Armenia.

Yet–he added–it is difficult correctly assess the GDP since some people do not declare their incomes. The adoption of a corresponding law could be a positive step in this direction. UBA can engage in studies of the shadow economy–however the expenses required to do so are great.

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