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PM: Diaspora drives Armenia's economy
by Emil Sanamyan
http://www.reporter.am/index.cfm?objectidÆ20BF41-9916-11E0-B2300003FF3452C2
Published: Friday June 17, 2011
Washington - In an interview with CNN broadcast on June 15, Prime
Minister Tigran Sargsyan estimated that between 60 and 70 percent of
Armenia's Gross Domestic Product (GDP), the main measure of
macroeconomic activity, was formed thanks to investments and other
participation from members of Armenian Diaspora.
Roughly twice as many Armenians live outside Armenia as inside.
Majority of investments and remittances have come from Armenians of
Russia, which make up the largest Diaspora community.
According to Forbes, Russia is now home to the richest person of
Armenian descent. 43-year-old Sergey Galitsky, who founded and runs
the country's largest chain of grocery stores, is reportedly worth
$5.5 billion.
According to Forbes magazine other Armenian billionairs worldwide
include Kirk Kerkorian with estimated worth of $3.5 billion in 2011;
Moscow-born and based insurance magnates Daniil Khachaturov and
brothers Sergey and Nikolay Sarkisov reportedly worth $1.5 billion
each and Armenia-born real estate developer Samvel Karapetyan who
emigrated to Russia in the mid-1990s is worth $1.4 billion.
Interviewed during a World Economic Forus conference held in Vienna,
Austria Sargsyan also said that Armenia was hit hard by the recent
economic recession because of low level of diversification in the
economy. Lione's share of investments in Armenia got to communications
and mining sectors.
After years of double-digit growth between 2001 and 2008, fueled in
large measure by investments from Diaspora, Armenia's GDP contracted
from about $12 billion in 2008 to under $9 billion in 2009-10.
The Armenian government and International Monetary Fund expect
Armenia's economy to grow by between four and five percentage points
in 2011 and in the following two years.
From: Baghdasarian
by Emil Sanamyan
http://www.reporter.am/index.cfm?objectidÆ20BF41-9916-11E0-B2300003FF3452C2
Published: Friday June 17, 2011
Washington - In an interview with CNN broadcast on June 15, Prime
Minister Tigran Sargsyan estimated that between 60 and 70 percent of
Armenia's Gross Domestic Product (GDP), the main measure of
macroeconomic activity, was formed thanks to investments and other
participation from members of Armenian Diaspora.
Roughly twice as many Armenians live outside Armenia as inside.
Majority of investments and remittances have come from Armenians of
Russia, which make up the largest Diaspora community.
According to Forbes, Russia is now home to the richest person of
Armenian descent. 43-year-old Sergey Galitsky, who founded and runs
the country's largest chain of grocery stores, is reportedly worth
$5.5 billion.
According to Forbes magazine other Armenian billionairs worldwide
include Kirk Kerkorian with estimated worth of $3.5 billion in 2011;
Moscow-born and based insurance magnates Daniil Khachaturov and
brothers Sergey and Nikolay Sarkisov reportedly worth $1.5 billion
each and Armenia-born real estate developer Samvel Karapetyan who
emigrated to Russia in the mid-1990s is worth $1.4 billion.
Interviewed during a World Economic Forus conference held in Vienna,
Austria Sargsyan also said that Armenia was hit hard by the recent
economic recession because of low level of diversification in the
economy. Lione's share of investments in Armenia got to communications
and mining sectors.
After years of double-digit growth between 2001 and 2008, fueled in
large measure by investments from Diaspora, Armenia's GDP contracted
from about $12 billion in 2008 to under $9 billion in 2009-10.
The Armenian government and International Monetary Fund expect
Armenia's economy to grow by between four and five percentage points
in 2011 and in the following two years.
From: Baghdasarian