Armenian President Vahagn Khachaturyan told those attending the "The Price of Living in Crisis" panel discussion at the World Economic Forum in Davos that Armenia faces several crises resulting from closed borders with Turkey and Azerbaijan and the 2020 war launched by Baku.

“We have the unresolved Nagorno-Karabakh conflict that keeps us in constant conflict with our neighbor Azerbaijan. A year and a half ago, the 44-day war provoked by Azerbaijan caused us heavy human and material losses. The war was stopped only after the intervention of Russia,” Khachaturyan said, noting that Armenia will overcome these challenges due to the democratic reforms adopted in the country.

Khachaturyan, according to a statement released by his office, said Armenia had renounced democratic reforms from 2000 to 2018 and that widespread corruption had prevented any type of development.

“In 2018, a velvet revolution took place, and a young government came to power, giving new life to all spheres. Businesses and people felt free. Political forces got equal opportunities to participate in elections. The economy grew by 7.5 percent the following year,” Khachaturyan said.

The Armenian president stressed the importance of dialog between the government and the public

“If there is dialogue, the issue poverty will be resolved, and the probability of a new crisis will decrease. The country will become more stable and manageable,” he said.