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GLOBAL CRISIS TO BITE REAL SECTOR OF ARMENIA'S ECONOMY, NASDAQ OMX BOARD MEMBER SAYS
ARKA
March 3, 2009
YEREVAN
Armenia will feel the global financial crisis when it bites the
real sector of economy this year, NASDAQ OMX Board Member Johan
Fredholm said last week during the first forum on capital markets of
Armenia. According to him, the global recession has reached Armenia,
though it is not a financial crisis, with the local banking system
remaining stable. The crisis influences the real sector of the
country's economy.
The organizer of the forum was Grant Thornton Amyot (Armenian member
of Grant Thornton International). The sponsors of the event are
the Central Bank of Armenia, RA Ministry of Economy, USAID/CAPS and
American Chamber of Commerce in Armenia (AmCham).
Due to the crisis, Armenia posted a slowdown in foreign remittances,
Fredholm said, adding the global recession hit the country's
construction sector and resulted in a plunge of copper and molybdenum
prices.
However, the crisis has not yet sent Armenia into a tailspin, he said,
pointing out the country's robust banking system and relatively weakly
developed financial sector.
The expert believes Armenia can attract more investments by boosting
the capital market. According to Fredholm, prices in the country
are more stable than on other West European developing counties,
which makes Armenia attractive for investments. Z. Sh. 9 30--
ARKA
March 3, 2009
YEREVAN
Armenia will feel the global financial crisis when it bites the
real sector of economy this year, NASDAQ OMX Board Member Johan
Fredholm said last week during the first forum on capital markets of
Armenia. According to him, the global recession has reached Armenia,
though it is not a financial crisis, with the local banking system
remaining stable. The crisis influences the real sector of the
country's economy.
The organizer of the forum was Grant Thornton Amyot (Armenian member
of Grant Thornton International). The sponsors of the event are
the Central Bank of Armenia, RA Ministry of Economy, USAID/CAPS and
American Chamber of Commerce in Armenia (AmCham).
Due to the crisis, Armenia posted a slowdown in foreign remittances,
Fredholm said, adding the global recession hit the country's
construction sector and resulted in a plunge of copper and molybdenum
prices.
However, the crisis has not yet sent Armenia into a tailspin, he said,
pointing out the country's robust banking system and relatively weakly
developed financial sector.
The expert believes Armenia can attract more investments by boosting
the capital market. According to Fredholm, prices in the country
are more stable than on other West European developing counties,
which makes Armenia attractive for investments. Z. Sh. 9 30--