BAD WORK

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17:19:31 – 19/08/2009

The 16.3 percent economic decline in Armenia is due to bad work
in the last quarter of 2008. The government had estimated economic
growth but 20 percent decline was reported, says the ex-president
of the Central Bank Bagrat Asatryan. He says current growth in trade
and services is conditioned by the shade economy. However, soon this
resource will expire too.

Asatryan said in 2010 there may be growth in agriculture and industries
but these are optimistic estimates. At best, the economic growth of
Armenia will total 1.5 percent next year.

Bagrat Asatryan thinks the influence of the Russian economy on the
Armenian economy will be deciding on which it depends greatly. Only
if at least 3 percent steady economic growth is reported in Russia,
in 2011 our economy will start stabilizing.

Presently there is no anti-crisis program. The cause of the
present situation is that the government reported a double-digit
economic growth relying on remittances and loans from international
organizations. Therefore we have a sick economy now. And now we are
receiving loans to overcome this crisis. It turns out that we are
trying to cure the illness with the cause of the illness, Bagran
Asatryan says.