ACCORDING TO TATUL MANASERIAN, ECONOMIC SLUMP TO MAKE 10-15% IN ARMENIA IN LATE 2009

NOYAN TAPAN
JULY 31, 2009
YEREVAN

YEREVAN, JULY 31, NOYAN TAPAN. The Advisor to the RA National Assembly
Speaker Tatul Manaserian believes that the trends to an economic slump
in Armenia will continue for a while. "I will be glad if we have a
zero growth in 2010," he said during the July 31 press conference,
adding that by his estimates, the economic slump will make 10-15%
in late 2009.

According to T. Manaserian, it will take long to overcome the
consequences of the economic crisis and outline the period, during
which Armenia will be able to enter the economic development phase. He
noted that the cause of the country’s economic decline is not only
the global crisis: the Armenian economy is developing by certain
paradoxes, which does not allow having expectations that benefits
can also be derived from the crisis.

As regards the RA government’s policy in conditions of the crisis, T.

Manaserian said that although some steps are being taken, they cannot
be considered satisfactory. In his opinion, Armenia will not be
able to get out of the current situation on its own. Noting that the
development of Armenia’s economy is also conditioned by the regional
development, he said: "For a start, more active bilateral relations
with neighboring countries should be established".