Conversations on Groong - October 25, 2026 In this episode of Conversations on Groong, we speak with Dr. Vache Gabrielyan about Armenia's 2026 economic performance and fiscal challenges. We discuss structural imbalances in the economy, banking sector stability, government budget execution failures, rising public debt, and competing priorities for defense spending and economic development heading into 2027. Topics: - Armenia's 2026 economic performance and structural imbalances - Construction boom and housing market risks - Consumer credit growth and weak industrial productivity - Systemic failures in government budget execution - Armenia's 2027 budget priorities and fiscal risks - Rising public debt and debt servicing costs - Defense spending and competing budget priorities - High-tech investments, AI, and economic sustainability Guest: Vache Gabrielyan Timestamps: 0:00 Intro to show with Dr. Vache Gabrielyan 1:24 Armenia's economic performance in 2026 8:22 Armenia's construction sector 11:06 Who is interested in all the new housing inventory? 15:35 Mining & IT sectors in 2026 18:28 Why is there pervasive under-execution of the government's capital projects? 24:58 Armenia's 2027 Budget - stability or locked up in a long term groove? 30:05 Would the state budget be able to absorb geopolitical shocks? 38:17 Is the debt repayment level problematic for the state? 44:55 Why is the share of government spending vs the total state budget up? 48:53 Is the investment and focus on the High Tech sector at the right level? 51:07 As a new ministry, why isn't High Tech succeeding more? 53:14 What impact could the Firebird data center project have on Armenia's economy? 59:32 What are the values that the Armenian State budget expresses? 1:05:38 About Dr. Vache Gabrielyan 1:06:21 Support Groong - podcasts.groong.org/donate Hosts: - Hovik Manucharyan - Asbed Bedrossian Episode 596 | Recorded: October 23, 2026 SHOW NOTES: https://podcasts.groong.org/596