REMITTANCES TO ARMENIA WILL DECREASE BECAUSE OF ECONOMIC CRISIS, ARMENIAN DEPUTY MINISTER OF FINANCE ADMITS

NOYAN TAPAN

Dec 18, 2008
YEREVAN

The negative consequences of the global economic crisis will affect
the socioeconimic state of Armenia first of all due to a growth in
raw material prices, the RA deputy minister of finance Vardan Aramian
stated during an international TV bridge organized at Novosti-Armenia
information center on December 18. He added that another consequence
of the crisis will be a decline in prices of goods and services in the
world, as a result of which Armenia’s exports will suffer. And finally,
according to V. Aramian, the crisis will be dangerous for Armenian
people because remittances from abroad will considerably decrease.

In the opinion of Ukrainian economist Oleg Ustenko, the global economic
crisis will cause positive changes as well, the most essential of
which is that the economic imbalance among CIS member states will
decline. The negative consequences of the crisis in these counrtries
will especially affect the banking systems. In the words of O. Ustenko,
the state should first of all protect tax payers, vulnerable groups
and depositaries.

The deputy minister of economy of Moldova Yuri Muntian said that the
policy of liberalization of economy adopted by the government will play
a great role in withstanding the economic crisis in their country. The
head of the Social Policy Center of the Institute of Economics of the
Russian Academy of Sciences Yevgeni Gontmakher announced that with the
aim of reducing the consequences of the economic crisis in Russia, a
decision was made not to take back the apartments from those who have
received mortgage loans, until they pay for their apartments. However,
according to him, a considerable growth of unemployment is inevitable
in any case.