MINISTER: ARMENIA MUST MAKE EVERY EFFORT TO REACH ECONOMIC BREAKTHROUGH

/ARKA/
July 8, 2009
YEREVAN

YEREVAN, July 8. /ARKA/. Armenia must do whatever necessary to reach
economic breakthrough, even slight, in 2010, Armenian Economy Minister
Nerses Yeritsyan said Wednesday after an international conference
focused on impacts of the global crisis on Armenia.

He thinks the country has everything for that.

In his words, great funds will be invested in the economy this year
to bar it from declining and ensure growth for 2010.

According to National Statistical Service of Armenia, Armenia faced
15.7% economic decline in Jan-May 2009.

GDP totaled AMD 839.4 billion ($2437.8 million) at that period.

He said that international organizations’ forecasts for the second
half of this year remain unchanged.

International Monetary Fund predicts a no-higher-than-ten percent
decline.

World Bank thinks Armenia’s economic decline will range from nine to
ten percent.

Speaking about the scenarios outlined earlier by Armenian Prime
Minister Tigran Sargsyan, Yeritsyan said that summer risks will be
connected mainly with construction sector.

"It was also discussed at the conference is there need to pay so great
attention to one sector of the economy", the minister said and added
that discussion over the matter will be continued.

Armenian Prime Minister Tigran Sargsyan, speaking Tuesday at an
international conference on possible impacts of the20global crisis
on Armenia, outlined three likely scenarios of economic developments.

"The first scenario is 9.5% economic decline, second is 16% decline
and third 20%", he said.