EXPERT: ARMENIA NEEDS OWN NATIONAL MODEL OF ECONOMIC DEVELOPMENT

ARKA News Agency, Armenia
Aug 16 2007

YEREVAN, August 16. /ARKA/. Armenia needs own national model of
economic development, Tatul Manaseryan, professor at Russian-Armenian
(Slavonic) University and former MP, said on Thursday at a press
conference.

He thinks the national model can be based on Eastern Europe countries’
experience.

"The lack of guidelines of economic development poses threat to our
economy. We can’ develop all sectors. Particular areas should be
singled out", the expert said.

In his opinion, seeing that Armenia does without own model, the
organizations, in which the country enjoys membership, will offer
their model sooner or later.

Manaseryan pointed out that Armenia, being a country living by
borrowing money and thanks to transfers and credits, doesn’t develop
own economy, "but create jobs in other countries instead".

"Our imports are two times greater than exports, and buying goods, we
keep human resources in other countries. This is an important fact, and
our authorities must realize it to develop high technologies", he said.

Armenia should build an economy able to compete with other countries.

"Double-digit economic growth is not the only factor needed for
integration in the world economy", Manaseryan said.

National Statistical Service of Armenia says 11.2% economic growth
was recorded in Armenia in Jan-June 2007 against 11.9% at the same
period a year earlier.

Armenia’s foreign trade turnover grew 36.5% in Jan-June 2007, compared
with Jan-June 2006, and reached $1892mln. Exports totaled $527mln
and imports $1365mln.

Central Bank of Armenia says private money transfers to Armenia
totaled AMD 187bln ($554mln) at the first half of 2007.