WB: Armenia Has Managed To Secure Satisfactory Macroeconomic Indices

WB: ARMENIA HAS MANAGED TO SECURE SATISFACTORY MACROECONOMIC INDICES
Alisa Gevorgyan

"Radiolur"
03.07.2009 16:40

Armenia has managed to secure sufficient macroeconomic indices under
the conditions of the financial-economic crisis, Head of the World
Bank Armenia Office Aristomene Varoudakis told a press conference
today. He made a positive assessment of crisis prevention measures
of the Armenian Government.

He emphasized the necessity of continuing the policy of fiscal and
macroeconomic stability, at the same time paying special attention
to non-secure layers of the population.

According to WB forecasts, Armenia’s GDP in 2009 will reduce 9-10%,
and small growth of the economy is expected in early 2010, which will
make 1-2% following the results of the year.

Concerning maintenance of the external debt by Armenia, Aristomene
Varoudakis noted that there are no difficulties as to the given issue,
since the loans are provided mainly at preferential terms.

According to him, the correlation of Armenia’s state debt to the GDP
now makes 13%, however in 2011, the index will reach 45%. "This, of
course, is a high index, especially if we compare it with the volume
of tax proceeds to the GDP (15%-16%)", Aristomene Varoudakis stated.

"We expect that simultaneously with economic stabilization, the
correlation of the state debt to the GDP will decline 30%," Head of
WB Yerevan Off ice noted.

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