FORMER PRIME MINISTER OF ARMENIA FORECASTS 10% INFLATION IN 2010

ArmInfo
2010-02-24 18:01:00

ArmInfo. In 2010 inflation in Armenia will make up 10%, former prime
minister of Armenia Hrant Bagratyan said at today’s press-conference.

According to Bagratyan, Armenia’s all macroeconomic indices are twice
as low as those of Azerbaijan, and by the level of economic downturn,
which allegedly makes up 14.3% and in fact – 22%, Armenia holds one
of the last positions among CIS countries. The ex-premier expressed
his indignation at the fact that in 2009 the retail commodity turnover
grew by 1%. Bagratyan tried to economically ground the impossibility of
such growth, explaining that taking into account the decline of GDP by
14%, import – by 25%, export – by 34%, it is economically ignorant to
speak of some growth in retail commodity turnover. Moreover, Armenia
has even no reserves of the previous years or savings which could
change this index. As regards banking savings, their growth by 30%
was mostly conditioned by the AMD devaluation in March, which was
followed by indexation of foreign exchange deposits.

To note, in 2009 inflation in Armenia officially made up 3.4%.