ARTSVIK MINASYAN: POSITIVE TREND OF ECONOMIC DEVELOPMENT IS FICTION

PanARMENIAN.Net
April 5, 2010 – 15:54 AMT 10:54 GMT

Armenian economy recorded some positive trends, but their qualitative
aspects, unfortunately, have not been visible yet, Artsvik Minasyan,
Deputy Chairman of the NA Standing Committee on Financial, Credit and
Budgetary Affairs, ARF Dashnaktsutyun member told a news conference
on March 5.

He said, any crisis and recovering process are characterized by GDP,
state of the financial system, unemployment level and life standards.

"If in a crisis all four indicators are experiencing a sharp decline,
obviously, a positive change of a single indicator, in case of Armenia,
GDP, does not mean the crisis has been overcome," Mr.

Minasyan said. In his opinion, a positive trend without qualitative
impact, and particularly without positive change in the living
standard, is turned to be a fiction.

According to RA Deputy Finance Minister Vardan Aramyan, Armenia’s
economy is undergoing post-crisis recovery. "The country experienced
crisis only in 2009, while 2010 and 2011 are periods of economic
recovery. So in 2011 we will reach the level of GDP per capita of
2008," he assured.

According to Deputy Minister of Finance, Armenia’s economy was not
sufficiently stable, and it had no immunity to withstand external
shocks, which resulted in a deep crisis.

"In the future, we must turn to more flexible economy. The government
has already taken steps to encourage the development of various sectors
of the economy, and 3.1 per cent GDP growth for the first two months
of the year is a result of anti-crisis measures of the government,"
Mr. Aramyan concluded.