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ARMENIAN DEPUTY MINISTER OF FINANCE FORECASTS 12-15 ECONOMIC DECLINE
News.am
14:20 / 08/19/2009
"This year's 16.3% economic decline is much more serious than
we expected," RA Deputy Minister of Finance Vardan Aramyan told
reporters. He stressed that the Armenian construction sector registered
the most serious decline in the first half of this year, with an 11.5%
decline registered in the country's industry.
According to him, the world economy registered a 6% decline. "Neither
Russia nor the world market expected such a situation. The
International Monetary Fund (IMF) has adjusted its forecasts not in
favor of the countries," Aramyan said. According to him, the IMF has
several times adjusted its forecasts for the European Union (EU). Last
December the IMF forecast 0.5% economic growth in the EU. Later it
forecast a 0.5% economic decline in the EU. The forecast was then
adjusted as follows: a 1.5%, 3.2% and 4.2% decline. At present, the
IMF forecasts a 4.8% economic decline in the European Union for this
year. "So our economic developments are in line with those in Europe,"
Aramyan said.
As regards the future of the Armenian economy, Aramyan said certain
economic growth is expected to be followed by recovery. As a result,
an economic decline of 12-15 per cent can be expected in the country
toward the end of this year. The reason for this range is that the
Government is "making huge liquid investments in the economy now." If
the economy utilizes the investments, Armenia will register a low
economic decline. However, if the process is slow, the decline may
reach 15 per cent. Aramyan also pointed out that the Government is
implementing an expansionary policy. Expanding on this, he said that,
amid the crisis, the private sector tends to reduce expenditures and
launches a more conservative policy. Under the circumstances, the
Government effects the expenditures, that is, invests funds in the
economy. According to Aramyan, the investments are to total 50bln AMD.
News.am
14:20 / 08/19/2009
"This year's 16.3% economic decline is much more serious than
we expected," RA Deputy Minister of Finance Vardan Aramyan told
reporters. He stressed that the Armenian construction sector registered
the most serious decline in the first half of this year, with an 11.5%
decline registered in the country's industry.
According to him, the world economy registered a 6% decline. "Neither
Russia nor the world market expected such a situation. The
International Monetary Fund (IMF) has adjusted its forecasts not in
favor of the countries," Aramyan said. According to him, the IMF has
several times adjusted its forecasts for the European Union (EU). Last
December the IMF forecast 0.5% economic growth in the EU. Later it
forecast a 0.5% economic decline in the EU. The forecast was then
adjusted as follows: a 1.5%, 3.2% and 4.2% decline. At present, the
IMF forecasts a 4.8% economic decline in the European Union for this
year. "So our economic developments are in line with those in Europe,"
Aramyan said.
As regards the future of the Armenian economy, Aramyan said certain
economic growth is expected to be followed by recovery. As a result,
an economic decline of 12-15 per cent can be expected in the country
toward the end of this year. The reason for this range is that the
Government is "making huge liquid investments in the economy now." If
the economy utilizes the investments, Armenia will register a low
economic decline. However, if the process is slow, the decline may
reach 15 per cent. Aramyan also pointed out that the Government is
implementing an expansionary policy. Expanding on this, he said that,
amid the crisis, the private sector tends to reduce expenditures and
launches a more conservative policy. Under the circumstances, the
Government effects the expenditures, that is, invests funds in the
economy. According to Aramyan, the investments are to total 50bln AMD.