World Bank Recommends To Diversify Armenian Economy Structure

WORLD BANK RECOMMENDS TO DIVERSIFY ARMENIAN ECONOMY STRUCTURE

ArmInfo
2009-07-03 12:35:00

ArmInfo. In 2010 the economy growth by 1-2% is expected in Armenia
after its falling by 9-10% at the end of 2009, Manager of the WB
Yerevan Office, Aristomene Varoudakis, said at the press-conference
in Yerevan, Friday.

He also added that the registered falling of the GDP by 15,7% over
five months of 2009 will mellow by the end of the year. Such a sharp
falling is conditioned by the fact that during the same period of 2008
high rates of economy growth were fixed in Armenia, he explained. The
main reason of the falling is sharp reduction of the construction
volumes because of the crisis, the share of which is 30% in the GDP
structure. It is necessary to diversify the economy structure and to
lead to export so that to ensure further development of economy. At
present because of the export falling the current deficit of the
payment balance of the country is growing and the construction sector
cannot keep it, Varoudakis said. He also recommended the government
to raise external marketability and productivity in the economy of
the country.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS