ARMENIA ENTERS STAGE OF ECONOMIC DEVELOPMENT WITH 2,4% GDP GROWTH IN JANUARY

ArmInfo
2010-02-22 09:48:00

ArmInfo. January growth of Armenia’s GDP gives solid grounds to
suppose that our country has entered a stage of the economy recovery
and development, Finance Minister of Armenia Tigran Davtyan said
during the opening of the 7th annual International Economic Forum
BRIDGE 2010. He added that the macroeconomic situation in the country
is currently forecasting, stable and controllable.

T. Davtyan listed the most vulnerable sides of the country’s economy,
as well as the programmes, implementation of which is an important
component in building of a healthy and stable economy.

Among such programmes, T. Davtyan indicated the necessity to balance
and diversify the economy sectors and, primarily, to stabilize the
financial system. The minister thinks that Armenia is entering the
stage of economic development with elimination of the disbalances
which appeared as a result of accelerated economic growth of the
global economy in general, and the Armenian one, in particular.

When speaking about diversification of Armenia’s economy, the minister
emphasized that despite its low level against the background of
other countries and with account of the Armenian economic realities,
the economy of Armenia has a sufficient level of diversification,
that allowed to compensate the difficulties in 2009, which appeared
because of essential recession of the most "vital" sphere for the
national economy – the construction. In particular, T. Davtyan said,
the rates of fall in agriculture, industry, services and trade were
comparatively low and posed no serious threats for further development
of the economy, and even growth was fixed in 2009 in some economy
spheres.

According to T. Davtyan, stability of the financial system, in
particular, stability of the banking sector and activation of state
financing is the most important component of development of the
national economy. In this context, the minister shares the opinion
of many representatives of the economic power saying the banking
system of Armenia remained, perhaps, the most resistant to the crisis
phenomena. Moreover, the public trust to this system has increased,
that is indicated by considerable growth of the bank deposits.

To note, Armenia has started receiving WB funds since the midst of
2009 within the frames of credit support, as well as the Russian
stabilization credit, part of which has been envisaged for crediting
of small and medium entrepreneurship through commercial banks.

According to T. Davtyan, quick response by international structures
was mainly conditioned by formation of the country’s good image in
the international markets.