ARMENIA’S ECONOMY RECOVERY EXPECTED BY END OF 2011

PanARMENIAN.Net
31.03.2010 14:17 GMT+04:00

/PanARMENIAN.Net/ RA Minister of Finance Tigran Davtyan said that
Armenia’s economy is at the final stage of stabilization and its
recovery is already expected.

"Today, our basic goal is to restore our pre-crisis potential as soon
as possible," Mr. Davtyan told a press conference on March 31.

Besides, according to the Minister, the economy’s recovery shall be
accompanied by its simultaneous restructuring. He added that this
process will require huge efforts by the Armenian authorities.

"I believe that the current growth rates will be preserved and,
taking into consideration other facts, 1-1.5 year will be required
for Armenia’s economy recovery, while we will be able to speak about
return to previous growth index by the end of 2011," added Mr.

Davtyan.

As for the inflation index, according to the Minister, the Armenian
government and Central Bank will apply the available mechanisms to
decrease its rates, specifically, reduction of the state budget
deficit, improvement of the legislative field and competition
environment, increase of the refunding rate, etc. "We will have an
inflation index close to the planned one at the year-end," he stated.

Referring to the national currency exchange rate, the Minister noted
that it will keep fluctuating during a year, while the RA Central
Bank will undertake all measures to avoid its sharp fluctuations.