CRISIS RECESSION IS NOT FOR ARMENIA

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14:42:24 – 14/08/2009

The International Monetary Fund estimated the expenditures of the
states of the world on the struggle against the crisis in nearly 11
trillion. But despite the aid, the economic decline in Armenia in 2009
will be 15%. As noted on the official website of the international
rating agency Fitch , this is the third
worst expected result among the countries rated by the Agency.

As noted, the inflow of financial transfers into Armenia from abroad
(amounting to about 9% of GDP in 2008) drastically reduced. The
confluent of direct foreign investments in the first quarter of 2009
amounted to only 27 million, decreased by four times in relation to
the same period of the last year.

According to Fitch, as a result of the support from abroad the indexes
of the state and external debt of Armenia in 2009, sharply increased,
accompanied by a decline in GDP, exports and tax revenues.

In Russia, despite some increase in oil prices, the situation is
worsening. The outflow of capital increases, as the dollar, and a
new default is often spoken about.

The financier George Soros stated that the U.S. economy has reached
the lowest point, and in the current quarter, there will be positive
growth due to government incentive markets. Economic decline has
ceased in France and Germany. In the period from April to July,
the economy of both countries, the most industrialized in the EU,
showed growth of 0,3%, coming out of recession.

In the first half, the GDP in Karabakh increased by 16.2%. Moreover,
the volume of construction increased by 71.8%, compared to the same
period in last year.