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ARMENIA EXPECTED TO HAVE DOUBLE-DIGIT GROWTH OF GDP THIS YEAR TOO
Noyan Tapan
http://www.nt.am/news.php?shownews=118042
Oc t 8, 2008
YEREVAN, OCTOBER 8, NOYAN TAPAN. Armenia is expected to have a
double-digit growth of GDP this year too - thanks to the high activity
in the construction sector, is said in the section on Armenia of
Grant Thornton company's International Business Report 2008, which
was presented on October 8 by Gurgen Hakobian, Armenian representative
of the company.
By the report, based on the high food import prices and international
oil prices, as well as on the great domestic demand it can be
expected that in late 2008 the consumer price index will make about
7%, exceeding the announced inflation index of 4%. Nevertheless,
according to G. Hakobian, this index is lower as compared with those
of neighboring countries, and it is expected that in 2009 it will
decline and remain within the announced limits. This year's budget
will have a deficit in the amount of 1.2% of GDP, as a result of
which the real appreciation of foreign currency will become possible.
It is noted in the report that in the majority of the 34 countries
studied, enterprises of the private sector are optimistic about
the prospects of the year. It is the fifth year that India tops
the table as a country which is most optimistic about the economy,
while Japan is at the bottom due to its pessimism. The enterprises of
Armenia's private sector are more optimistic about the results of 2008
than last year. The level of optimism concerning profitability has
exceeded the world average, while the level of optimism about export
is slightly lower than the world average. The index of real growth
of the employment was lower in Armenia than was forecast in 2007.
As regards the importance of the factors decisive for international
investments, the size of an economy and its development potential are
important for Armenian as well as international entrepreneurship. The
number of exporting enterprises in Armenia (34%) is below the
world average (39%) and the 2007 index of 36%. The number of
importing enterprises makes 72% in Armenia, exceeding the world
average of 39%. Two thirds of Armenian businessmen see their
rivals in the domestic market. This index exceeds almost two-fold
the world average. Enterprises of Armenia's private sector (83%)
and international businessmen (70%) consider the quality of products
and services as their greatest competitive advantage. 75% of Armenian
enterprises consider human resource and skilful workforce as the main
competitive advantage - as compared with the world index of 55%.
It is noteworthy that surveys are conducted by Grant Thornton's
representatives in various countries. The company operates in more than
100 countries. An increasing number of countries is being involved in
surveys with every passing year. It is the second year that Armenia
has participated in studies.
Noyan Tapan
http://www.nt.am/news.php?shownews=118042
Oc t 8, 2008
YEREVAN, OCTOBER 8, NOYAN TAPAN. Armenia is expected to have a
double-digit growth of GDP this year too - thanks to the high activity
in the construction sector, is said in the section on Armenia of
Grant Thornton company's International Business Report 2008, which
was presented on October 8 by Gurgen Hakobian, Armenian representative
of the company.
By the report, based on the high food import prices and international
oil prices, as well as on the great domestic demand it can be
expected that in late 2008 the consumer price index will make about
7%, exceeding the announced inflation index of 4%. Nevertheless,
according to G. Hakobian, this index is lower as compared with those
of neighboring countries, and it is expected that in 2009 it will
decline and remain within the announced limits. This year's budget
will have a deficit in the amount of 1.2% of GDP, as a result of
which the real appreciation of foreign currency will become possible.
It is noted in the report that in the majority of the 34 countries
studied, enterprises of the private sector are optimistic about
the prospects of the year. It is the fifth year that India tops
the table as a country which is most optimistic about the economy,
while Japan is at the bottom due to its pessimism. The enterprises of
Armenia's private sector are more optimistic about the results of 2008
than last year. The level of optimism concerning profitability has
exceeded the world average, while the level of optimism about export
is slightly lower than the world average. The index of real growth
of the employment was lower in Armenia than was forecast in 2007.
As regards the importance of the factors decisive for international
investments, the size of an economy and its development potential are
important for Armenian as well as international entrepreneurship. The
number of exporting enterprises in Armenia (34%) is below the
world average (39%) and the 2007 index of 36%. The number of
importing enterprises makes 72% in Armenia, exceeding the world
average of 39%. Two thirds of Armenian businessmen see their
rivals in the domestic market. This index exceeds almost two-fold
the world average. Enterprises of Armenia's private sector (83%)
and international businessmen (70%) consider the quality of products
and services as their greatest competitive advantage. 75% of Armenian
enterprises consider human resource and skilful workforce as the main
competitive advantage - as compared with the world index of 55%.
It is noteworthy that surveys are conducted by Grant Thornton's
representatives in various countries. The company operates in more than
100 countries. An increasing number of countries is being involved in
surveys with every passing year. It is the second year that Armenia
has participated in studies.