ACCORDING TO FORMER CHAIRMAN OF CBA, ARMENIAN GDP DECLINE TO AMOUNT TO 15% IN LATE 2009

NOYAN TAPAN
SEPTEMBER 24, 2009
YEREVAN

YEREVAN, SEPTEMBER 24, NOYAN TAPAN. "Although I expected the rate
of the Armenian economy’s decline to fall by 1-1.5% in August,
the economic indices of 8 months were sadder than expected," former
Chairman of the Central Bank of Armenia (CBA) Bagrat Asatrian said
at the September 24 press conference.

According to him, his optimistic expectations were based on neither
the steps taken by the government nor some healthy processes in the
economy, but on the fact that August 2008 was a poor month for the
economy, so a little better results might be expected in August of
this year.

He said the economic decline made 18.4% in January-August 2009,
based on which he forecast a GDP decline of 15% rather than 11-13%
in late 2009.

"Armenia’s GDP fell by 400 billion drams as compared to 8 months
of last year, including a decline of 200-220 billion drams in
construction and a drop of 100 billion drams in industry. Compared
to other CIS countries, we hold the record by the economic decline
index, including in industry," he said, adding that certian shadow
and uncontrolled processes have begun in the economy, and the steps
taken by the government have no effect on them.

B. Asatrian noted that big European countries, the U.S. and Japan
showed positive results at the end of the first half of 2009. Even
Russia achieved some growth in industry and construction in the first
seven months.

B. Asatrian forecast a 1.5-2% economic recession in Armenia in 2010
in case of such preconditions as the stabilization of international
markets and an economic growth in Russia.

From: Emil Lazarian | Ararat NewsPress