After the liberation of Dağlık Karabağ and close vicinity from the long-standing Armenian occupation by Azerbaijan in 2020, different scenarios concerning the future of Armenia and South Caucasus have come to fore. Therefore, there should be a realistic evaluation of status quo of Armenian political elites, diasporas and Armenian economy relations before taking into account of the scenarios. It is not difficult to estimate that since the realization of optimistic scenarios need a mental transformation of Armenian political elites and diasporas that takes considerable time, they are not likely to happen let alone in the short run but even in the medium run. The aim of this paper is to investigate the status quo of Armenian political elites, diasporas, and Armenian economy relations during 1991-2019 period so as to be able to set up a scientific base on which the evaluation of scenarios concerning the future of Armenia and South Caucasus is placed. The method adopted in the paper is a descriptive one and data are collected via internet. Paper suggests that the divergence of Armenian political elites and diasporas on fundamental issues such as Armenia-diaspora relations, Armenia-Russia relations, Armenia-the West Relations and Armenia-Turkey-Azerbaijan relations blackens not only the future of Armenia but also the future of South Caucasus.