ECONOMIC DECLINE IN ARMENIA IN 2009 TO EXCEED 10% ON A CONSERVATIVE ESTIMATE: ADVISER TO ARMENIAN PARLIAMENTARY SPEAKER

ArmInfo
2009-07-31 13:51:00

ArmInfo. Economic decline in Armenia in 2009 will exceed 10% on a
conservative estimate, Tatul Manaseryan, the Adviser to Armenian
Parliamentary Speaker for Economic Affairs, told media on Friday.

"I am not among optimistic economists who believe that crisis will be
overcome already in 2009. Quite on the contrary, I believe that that
this can hardly be expected even in 2010. Armenia should exert genuine
efforts to maintain even zero growth," T. Manaseryan said. He thinks
that unfavorable balance in import and export may grow as well. "In
this context, the government should focus on the industrial sector
and sales of import substitution products," he said. As regards
the foreign exchange market, the government should take certain
regulatory measures there. "I expect no serious fluctuation there
but the government will have to apply certain mechanisms to avoid
unpredictable scenarios in the market in conditions of instable
economic situation," T. Manaseryan said.

National Statistical Service of Armenia reported 6.8% growth of GDP
for 2008 versus 2007 (nearly 3650 billion drams of $11.9 billion).