IT WILL BE BETTER IN 2010

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17:26:34 – 19/08/2009

The deputy minister of finance Vardan Aramyan said in a news conference
on the consequences of the economic crisis that in 2009 the Armenian
economy declined by 16.3 percent , which is determined by 53 percent
decline in building and 11.3 percent decline in industries.

According to Aramyan, the situation of the world economy is similar. It
means that the developments in our economy harmonize with the world
developments. At the end of this year the decline will be 12 to 15
percent. According to Aramyan, the government injects money in the
economy because the private sector avoids investments. The sooner
the economy takes that money, the sooner growth will be reported.

The chair of the National Assembly Committee of Economic Affairs
Vardan Bostanjyan agrees with him. The member of parliament says
one of the causes of the current economic problems is the obscure
estimates by experts. I do not think it is bad to borrow money and
subsidize the economy.

Bostanjyan says there is outflow of capital which means that in Armenia
the right to property is not protected. The government takes steps
to overcome the crisis and there will be positive results in 2010,
he says.