CERTAIN ECONOMIC GROWTH TO BE RECORDED IN ARMENIA LATER THIS YEAR

ARKA/
July 8, 2009
YEREVAN

Certain economic growth is to be recorded in Armenia by mid-2010,
Vazgen Safaryan, chairman of the Union of Domestic Manufacturers,
said at a press conference on Wednesday.

According to international forecasts, the world economy will grow 1.9%
by early 2010 against 1.3% decline in 2009, he said.

He thinks China and India with their seven-percent and 5% economic
growth will propel development of the world economy.

"Certain progress may be recorded in 2010, and some progress will be
visible in Armenia by mid-2010."

Safaryan pointed out that some signs of progress are already seen in
the country.

In particular, a seven-percent economic growth was recorded in May,
compared with April, thanks to investments in the national economy.

"If world prices for copper and molybdenum rise by late 2009, Armenia
will reach more vigorous economic growth", Safaryan said.

He stressed the necessity to change economic policy, create free
economic zone in border areas – Gyumri, Meghri and Ijevan as well as
ease tax pressure, since the state budget is already being formed by
foreign credits.

According to National Statistical Service of Armenia, the country
faced 15.7% economic decline in Jan-May 2009, compared with the same
period of the previous year.