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ARF-D MP Minasyan sees serious debt danger
http://www.arfd.info/2011/09/30/arf-d-mp-minasyan-sees-serious-debt-danger/
September 30, 2011
In an interview with 1in.am, ARF-D Member of Parliament, Deputy
Chairman of the Standing Committee on Financial, Credit and Budgetary
Affairs of the Parliament, Artsvik Minasyan said that a second
economic crisis is possible and will emerge not in the real estate
sector, such as previously, but in the financial one and in particular
in the foreign debt area. As a result, national economies will face
new challenges in the markets. Armenia's economy, due to this
government's policy is highly sensitive when it comes to international
changes and that will probably have its negative, major impact on the
Armenian economy as well.
The government has to address this issue by rapidly including the
foreign debt in the economy. Minasyan stressed out that Armenia's
foreign debt has grown 3 times more, yet it did not show in the real
economy because the majority of the capital is accumulated in the
banks, while no investments have been made in the real economy. This
means that the procedure of financing the economy must be facilitated
starting from the taxation all the way to concrete state
interventions.
Answering a question on the Prime Minister's statements about economic
growth, the ARF-D MP underscored that if one takes a look at the
current economic structure and the government's forecasts, they will
see that even in 2014 the construction sector will be replaced by the
not less risky sector of services, which according to the government's
plan will be 40% bigger. According to Minasyan, this is a sign of how
much exposed the Armenian economy is to international changes.
http://www.arfd.info/2011/09/30/arf-d-mp-minasyan-sees-serious-debt-danger/
September 30, 2011
In an interview with 1in.am, ARF-D Member of Parliament, Deputy
Chairman of the Standing Committee on Financial, Credit and Budgetary
Affairs of the Parliament, Artsvik Minasyan said that a second
economic crisis is possible and will emerge not in the real estate
sector, such as previously, but in the financial one and in particular
in the foreign debt area. As a result, national economies will face
new challenges in the markets. Armenia's economy, due to this
government's policy is highly sensitive when it comes to international
changes and that will probably have its negative, major impact on the
Armenian economy as well.
The government has to address this issue by rapidly including the
foreign debt in the economy. Minasyan stressed out that Armenia's
foreign debt has grown 3 times more, yet it did not show in the real
economy because the majority of the capital is accumulated in the
banks, while no investments have been made in the real economy. This
means that the procedure of financing the economy must be facilitated
starting from the taxation all the way to concrete state
interventions.
Answering a question on the Prime Minister's statements about economic
growth, the ARF-D MP underscored that if one takes a look at the
current economic structure and the government's forecasts, they will
see that even in 2014 the construction sector will be replaced by the
not less risky sector of services, which according to the government's
plan will be 40% bigger. According to Minasyan, this is a sign of how
much exposed the Armenian economy is to international changes.