THANKS TO RAPID GROWTH IN CONSTRUCTIONS, SERVICES AND AGRICULTURE, ARMENIAN ECONOMY HAS INCREASED BY 13% IN 2005
By Gohar Gevorgian

AZG Armenian Daily
14/12/2006

It was announced by the representatives of European Bank for
Reconstruction and Development. They stated that external investments,
big extent of transfers, personal realization and export’s enlargement
mostly contributed to our country’s economic growth. Let’s remind
that EBRD was established to spur the transition of centralized
planning economy to the market economy in Central and South Europe
and Central Asia.

According to the previously mentioned Bank’s account of transition
period, in 2005 Georgia’s economy increased by 9.3%, Azerbaijan’s
by 26% and Russian’s by 6.4%. The growing of Georgian economy is
conditioned by good activities of financial sector, by external
debt’s improved position and by growth of budget’s profit but in
Russia the sum of investment of capital has increased. In the EBRD
account Azerbaijan economy is considered the fastest developing in
the world, owing to its oil industry’s enlarge and also owing to the
opening of Baku-Tbilisi-Ceyhan oil pipeline. It is not accidentally,
that it was established 26% growing of Azerbaijani economy. EBRD,
that expected positive tendency’s continuation in the region, marked
that CIS region continues being the fastest developing in the world
and in 2006 it is expected 6.2% upgrowth.

Economist Alexander Kirmicun, who introduced the account, noted that
in 2005 there were reforms in Armenia economy especially in business
field- appearance of new operator of mobile phones, but in spite of
it we see lack of competition, which is the main problem of Armenia.