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Economic Decline In Armenia In 2009 To Exceed 10% On A Conservative

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  • Economic Decline In Armenia In 2009 To Exceed 10% On A Conservative

    ECONOMIC DECLINE IN ARMENIA IN 2009 TO EXCEED 10% ON A CONSERVATIVE ESTIMATE: ADVISER TO ARMENIAN PARLIAMENTARY SPEAKER

    ArmInfo
    2009-07-31 13:51:00

    ArmInfo. Economic decline in Armenia in 2009 will exceed 10% on a
    conservative estimate, Tatul Manaseryan, the Adviser to Armenian
    Parliamentary Speaker for Economic Affairs, told media on Friday.

    "I am not among optimistic economists who believe that crisis will be
    overcome already in 2009. Quite on the contrary, I believe that that
    this can hardly be expected even in 2010. Armenia should exert genuine
    efforts to maintain even zero growth," T. Manaseryan said. He thinks
    that unfavorable balance in import and export may grow as well. "In
    this context, the government should focus on the industrial sector
    and sales of import substitution products," he said. As regards
    the foreign exchange market, the government should take certain
    regulatory measures there. "I expect no serious fluctuation there
    but the government will have to apply certain mechanisms to avoid
    unpredictable scenarios in the market in conditions of instable
    economic situation," T. Manaseryan said.

    National Statistical Service of Armenia reported 6.8% growth of GDP
    for 2008 versus 2007 (nearly 3650 billion drams of $11.9 billion).
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