Armenpress

INDEPENDENT ECONOMIST SAYS ELECTIONS WILL NOT AFFECT
ECONOMIC GROWTH

YEREVAN, JANUARY 26, ARMENPRESS: An independent
economist downplayed today fears that next
parliamentary elections, slated tentatively for May
12, may have a negative impact on the country’s
economy.
Eduard Aghajanov, a vocal critic of the
government’s economic policies, cited the official
numbers of 2003, when Armenia had successful
presidential and parliamentary elections in less than
three months, according to which the economy grew
almost 14 percent.
But he predicted a wider gap between exports and
imports, saying this will be concomitant to ongoing
economic growth. "The gross domestic product is
supposed to amount this year to $82 billion, which is
not a barrier to a country like Armenia, but this may
be achieved given a real and effective crackdown on
shadow economy," Aghajanov stressed, adding that even
a 10 percent cut would be a success.
Aghajanov said also money remittances from
Armenians working abroad, which spur up consumption
here, account for about 40 percent of GDP growth.