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ARMENIA TO AVOID DIRECT INFLUENCE OF GLOBAL FINANCIAL RECESSION
ARKA
Nov 24, 2008
YEREVAN, November 24. /ARKA/. The global financial crisis is unlikely
to have a direct influence on Armenia, RA Minister of Finance Tigran
Davtyan told the Capital.
The main external threat for next year's budget process will be
the global economic recession, according to the minister. "However,
the isolated Armenian financial market can avoid the crisis bites,"
he said.
The global recession may weaken demand for Armenian goods and hit
private transfers to Armenia, as well as reduce foreign investments
in the country.
"These are all risk factors, but the government has financial resources
necessary to boost domestic demand and carry out the budget programs,"
Davtyan was quoted saying.
Taking into account the low inflation in the global market, Armenia
has adopted a neutral (from the viewpoint of influencing inflation with
the help of demand) budgetary policy for 2009, with the budget deficit
expected to be less than 1% of GDP, the minister said, adding the
government is ready to respond quickly to inflationary pressure.
ARKA
Nov 24, 2008
YEREVAN, November 24. /ARKA/. The global financial crisis is unlikely
to have a direct influence on Armenia, RA Minister of Finance Tigran
Davtyan told the Capital.
The main external threat for next year's budget process will be
the global economic recession, according to the minister. "However,
the isolated Armenian financial market can avoid the crisis bites,"
he said.
The global recession may weaken demand for Armenian goods and hit
private transfers to Armenia, as well as reduce foreign investments
in the country.
"These are all risk factors, but the government has financial resources
necessary to boost domestic demand and carry out the budget programs,"
Davtyan was quoted saying.
Taking into account the low inflation in the global market, Armenia
has adopted a neutral (from the viewpoint of influencing inflation with
the help of demand) budgetary policy for 2009, with the budget deficit
expected to be less than 1% of GDP, the minister said, adding the
government is ready to respond quickly to inflationary pressure.