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'ARMENIA'S ECONOMY ON BRINK OF COLLAPSE,' SAYS OPPOSITION
Tert
Nov 10 2009
Armenia
"Armenia's economy is standing on the brink of collapse," said Armenian
National Congress (ANC) coordinator Levon Zurabyan at today's press
conference, adding that an increase in prices is conditioned by an
economic collapse.
Also participating in the press conference were representatives from
ANC's committee on economic issues, Vahagn Khachatryan and Bagrat
Asatryan, who shared with journalists their opinions on the country's
current economic situation.
Zurabyan considered the 18% economic decline registered in the country
alarming and unprecedented, adding that the current situation is a
result of the flawed system created in Armenia over the last 11 years.
According to Zurabyan, "thanks to" that system, the business elite
have retreated from the country, competition has all but ceased, and
the only movement in the economy is connected with money transfers
(from those outside the country), which, because of the global economic
slowdown, have drastically declined.
For his part, Asatryan, the former chair of Armenia's Central Bank,
noted that it's possible there won't be any positive developments
in the economy till the end of this year. According to Asatryan,
if there was hope that there would be positive developments in the
fourth quarter, such forecasts, such as the country's economic decline
will be around 15% by the end of this year, wouldn't be announced.
In Khachatryan's opinion, the government's plan to combat the economic
crisis is ill-conceived, and that perhaps the government doesn't
understand what situation it has created. He explained it this way:
"The crisis has not affected their personal lives, and perhaps that is
why they don't understand what situation it [the crisis] has created."
Zurabyan noted that, in order to correct the situation, a "democratic
people's force" has to confront the country's governing authorities.
But until then, the Armenian National Congress will prepare and,
in the near future, present to the public an alternative list of
measures in dealing with the global economic crisis.
Tert
Nov 10 2009
Armenia
"Armenia's economy is standing on the brink of collapse," said Armenian
National Congress (ANC) coordinator Levon Zurabyan at today's press
conference, adding that an increase in prices is conditioned by an
economic collapse.
Also participating in the press conference were representatives from
ANC's committee on economic issues, Vahagn Khachatryan and Bagrat
Asatryan, who shared with journalists their opinions on the country's
current economic situation.
Zurabyan considered the 18% economic decline registered in the country
alarming and unprecedented, adding that the current situation is a
result of the flawed system created in Armenia over the last 11 years.
According to Zurabyan, "thanks to" that system, the business elite
have retreated from the country, competition has all but ceased, and
the only movement in the economy is connected with money transfers
(from those outside the country), which, because of the global economic
slowdown, have drastically declined.
For his part, Asatryan, the former chair of Armenia's Central Bank,
noted that it's possible there won't be any positive developments
in the economy till the end of this year. According to Asatryan,
if there was hope that there would be positive developments in the
fourth quarter, such forecasts, such as the country's economic decline
will be around 15% by the end of this year, wouldn't be announced.
In Khachatryan's opinion, the government's plan to combat the economic
crisis is ill-conceived, and that perhaps the government doesn't
understand what situation it has created. He explained it this way:
"The crisis has not affected their personal lives, and perhaps that is
why they don't understand what situation it [the crisis] has created."
Zurabyan noted that, in order to correct the situation, a "democratic
people's force" has to confront the country's governing authorities.
But until then, the Armenian National Congress will prepare and,
in the near future, present to the public an alternative list of
measures in dealing with the global economic crisis.