Yerevan expects anti-crisis efforts to bear fruit soon..

Tuesday, September 22, 2009

NEWS BRIEFS
ARMENIA: YEREVAN EXPECTS ANTI-CRISIS EFFORTS TO BEAR FRUIT SOON
9/21/09

Armenian officials hope that their efforts to mitigate the effects of
the global financial crisis will start showing results by the end of
the year.

Armenia’s economy contracted by almost 16 percent during the first
half of this year, in comparison to the same period in 2008. The
government developed a three-pronged response to revive growth,
including infrastructure investment, a stimulus plan for small- and
medium-sized businesses, and select bailouts of large-scale
enterprises.

The construction sector, which prior to the crisis was an engine for
growth, has received large amounts of government assistance to help
finish ongoing projects. Tax concessions have also been given to small
businesses, the Arminfo news agency reported.

The country’s economic policy steward, Prime Minister Tigran
Sarkisian, said the financial crisis revealed major structural
weaknesses in the economy, including a dependence on foreign
remittances. The prime minister expressed confidence that the Armenian
economy would turn a corner before 2010.

Posted September 21, 2009 © Eurasianet

http://www.eurasianet.org