EDWARD AGHAJANOV: REAL SECTOR OF ECONOMY DROPS

Panorama.am
14:06 30/08/2007

"By and by we are approaching to the return point from where the way
back to normal economy will be hard," economist Edward Aghajanov told
reporters today also saying "after that point" even if 10 time cleverer
and Nobel Prize winner specialists come to power in Armenia, it will
be impossible to correct the situation. In his words, unfortunately
the argument between opposition and the authorities in power is around
this issue. "The authorities in power announce two-digit growth and
the opposition refuses to accept that and no one speaks about the
structure and the quality of that growth," Aghajanov said.

Speaking about economic indicators in 2006, Aghajanov emphasized
that the economy reported 13.4 percent growth in GDP "but the real
sector of the economy had nothing to do with that." In his words the
industry reported a drop, the growth in agriculture was zero and the
main reason for the economic growth was elite construction.