ECONOMY MINISTER: REVERSE OF ECONOMIC DECLINE IN ARMENIA UNLIKELY, BUT MITIGATION POSSIBLE

ARKA
Apr 30, 2009

YEREVAN, April 30. /ARKA/. Armenian Economy Minister Nerses Yeritsyan
finds it impossible to reverse the 6.1% economic decline registered
in Armenia, but thinks it can be mitigated.

According to the National Statistical Service of Armenia, GDP has
reduced 6.1% over the period between January and March 2009, compared
with the same period of the previous year, to AMD 465.5 billion
($1429.9 million).

Yeritsyan told journalists on Wednesday that Finance Ministry has
set a forecast group that works in cooperation with international
structures and drawn scenarios, which will be made public soon.

He said that comprehensive financing is planned to be launched in July.

"This financing along with expected summer economic rally is believed
to mitigate the decline", he said.

The minister’s optimism is grounded on expectation of growth, since,
as he said, economic things will be no worse this year than in 2007
or 2008.

Important is to make the national economy more mobile and dynamically
diversified by the moment of global recovery, Yeritsyan said.

GDP is planned at 9.2% in the 2009 state budget.

After undergoing amendment, the budget forecasted three-percent-lower
GDP for the first quarter.

In the amended state budget, inflation is planned to be 5.9% by
late 2009.