NERSES ERITSIAN: WORLD FINANCIAL CRISIS WILL REACH ITS PEAK BY THE END OF THIS YEAR

Noyan Tapan
Apr 30, 2009

Yerevan, April 30, Noyan Tapan. The world economic and financial
crisis will reach its peak by the end of this year, told the minister
of economy of Armenia Nerses Yeritsian at a press conference on April
29. At this moment the economy downturn reaches 4 to 5 per cent in
developed countries, while developing countries are likely to complete
a year with the positive economic growth. The predictions made for 2010
are already positive, told the minister. According to the minister,
6.1 per cent of economic downturn of the first quarter of this year
in Armenia is difficult to retrieve.

However, a big flow of financial resources, including budgetary,
will enter the country starting from July, told the minister. It is
necessary to focus on the economy growth, since irrespectively of
the scope of decline, the economic activity in Armenia will not be
worse than in 2007 and 2008, added N. Eritsian. "That is why it is
necessary to permanently implement reforms in tax and custom spheres,
while cancellation of reforms and lightening the tax burden are not
good ideas," stressed the minister.