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Armenian Economy To Recover Much Faster, Minister Of Economy Says

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  • Armenian Economy To Recover Much Faster, Minister Of Economy Says

    ARMENIAN ECONOMY TO RECOVER MUCH FASTER, MINISTER OF ECONOMY SAYS

    Noyan Tapan
    Feb 22, 2010

    YEREVAN, FEBRUARY 22, NOYAN TAPAN. "The global financial and economic
    crisis both worldwide and Armenia is starting to recede, and all of us
    are in the mood for economic growth," RA Minister of Economy Nerses
    Yeritsian said at the February 22 press conference. In his words,
    the Armenian economy will recover much faster because in 2009 the
    country's government started to deal with various problems, including
    making some investment for diversification of the economy.

    He said that a 2.4% economic growth was recorded in January 2010 thanks
    to several legislative amendments made last year. All those companies
    which had invested more than 300 million drams (about million) did not
    pay value added tax at the border for the technologies and equipment
    imported for their production. Equipment of over million has already
    been imported into Armenia, which, in the minister's words, means that
    "this year we will see the result of a growth in productivity".

    Besides, financial assistance of about 14 billion drams was provided
    to 50-60 small and medium enterprises in 2009. "These are rapidly
    growing and export-oriented companies, that is, the result will also
    become visible soon," N. Yeritsian underlined. According to him,
    considerable sums were also spent on infrastructure which had an
    impact on the economic growth indices.

    As for 10.7% decline in construction sector in January 2010 as
    compared to January 2009, N. Yeritsian noted that the government put
    up limited resistance to that sector's contraction. "The government
    has neither intended nor tried to fully compensate for the decline in
    construction. Investments in construction were limited to the amount
    that would prevent any social consequences and this sector's collapse,"
    the minister said.

    From: Emil Lazarian | Ararat NewsPress
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