THE GLOBAL CRISIS AND THE PERSPECTIVES OF ARMENIA’S ECONOMY
Hasmik Dilanyan

"Radiolur"
19.01.2009 17:11

The whole world is in search of ways to resist the global economic
crisis, and Armenia isnot an exception. According to the Chairman
of the National Assembly’s Standing Committee on Finance-Credit and
Budgeting, Gagik Minasyan, it’s simply necessary to work reasonably
for a few more months and the financial crisis will not be terrible
any more.

Recently the professional (and not only) circles have been frequently
referring to the global financial crisis. Although government bodies
were declaring for a long time that there was no financial crisis
in our country, it became impossible to resist the second economic
phase of the crisis, which the senior official declared about. To
overcome the crisis it is suggested to establish a Pan-Armenian Bank,
construct the Meghri-Batumi, i. e. the North-South highway and call
to life the Armenia-Iran railway project.

The crisis is not a classical phenomenon. Therefore, the approaches
should also be non-classical, Gagik Minasyan considers. "The scenarios
implemented do not promise an essential break. From the point of view
of efficiency, they do not fully correspond to classical approaches."

To overcome the global financial crisis the authorities have initiated
financial assistance to agriculture and industry. Gagik Minasyan
informed also that attempts are made to create temporary jobs in
Syunik and Lori marzes to avoid unemployment. The residents of these
marzes feel the consequences of the crisis more than others, since
mining industry is concentrated in these regions.

These are not the only ways for overcoming the crisis, Gagik Minasyan
says.

"In such a situation the most mobile spheres are the small and
medium-sized businesses. Big businesses are connected with more
complex financial flows. The same is not true for small businesses."

"All the means from international organizations will be allocated to
small and medium-sized businesses," Gagik Minasyan declared.