ARMENIA LIVING ON CREDIT CANNOT SURPASS A NUMBER OF EUROPEAN COUNTRIES BY ECONOMIC INDICES, TATUL MANASERIAN DECLARES

Noyan Tapan
Jan 17 2007

YEREVAN, JANUARY 17, NOYAN TAPAN. "It is a paradox that Armenia
living on credit surpasses the economic index of a number of
European countries. Armenia living on credit cannot appear on high
economic scales, as poverty also grows simultaneously with economic
growth." RA MP, Economics Doctor Tatul Manaserian expressed such
an opinion at the January 17 press conference. He said that the
data of the report publicized lately by the Heritage Foundation
organization cannot be objective, as in case of Armenia the
expression "economic growth" indeed means only rehabilitation growth
of economy. In T.Manaserian’s words, state structures provide data
to such authoritative international organizations. And these data,
in the MP’s words, remind of Soviet years, when "there was falsehood,
terrible falsehood and statistics."

T.Manaserian said that the three factors providing main growth of gross
output – construction, agriculture and industry underwent serious
changes in 2006. According to his observation, industry declined by
16-20%, agriculture made 0% in the growth of GDP, the lion’s share
of which belongs to construction.

And 90% of the latter, as T.Manaserian emphasized, is in shade.