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ARMENIA IS NOW BETTER PREPARED TO ANY DETERIORATION IN GLOBAL ECONOMIC CONDITIONS, HSBC ARMENIA CEO SAYS
Mediamax, Armenia
Oct 14 2011
Yerevan/Mediamax/. Chief Executive Officer of HSBC Bank Armenia
Astrid Clifford thinks that "Armenia is now better prepared to any
deterioration in global economic conditions".
Assessing on Mediamax request Armenia's ability to withstand negative
economic consequences of Europe's sovereign debt crisis, Astrid
Clifford said, that Armenian government's various actions aimed at
diversification of the economy are already giving positive results.
"We have already witnessed improvements and accordingly a reduction of
the dominance of any single sector to the overall economic performance,
so we think that the country is better prepared any deterioration in
global economic conditions", Astrid Clifford said.
She said there will be no significant direct impact on the Armenian
financial sector from the European debt crisis, but it can affect
economy because of reduction in the overall demand for commodities.
"We think that the Armenian economy may start to be affected if the
situation in Europe deteriorates further, leading to a reduction
in the overall demand for commodities and accordingly a reduction
in prices. This includes commodities which we export - like copper,
molybdenum and gold - and international prices for oil, which, if they
reduce significantly, might affect the Russian economy and accordingly
remittance and trade flows to Armenia", Astrid Clifford concluded.
Mediamax, Armenia
Oct 14 2011
Yerevan/Mediamax/. Chief Executive Officer of HSBC Bank Armenia
Astrid Clifford thinks that "Armenia is now better prepared to any
deterioration in global economic conditions".
Assessing on Mediamax request Armenia's ability to withstand negative
economic consequences of Europe's sovereign debt crisis, Astrid
Clifford said, that Armenian government's various actions aimed at
diversification of the economy are already giving positive results.
"We have already witnessed improvements and accordingly a reduction of
the dominance of any single sector to the overall economic performance,
so we think that the country is better prepared any deterioration in
global economic conditions", Astrid Clifford said.
She said there will be no significant direct impact on the Armenian
financial sector from the European debt crisis, but it can affect
economy because of reduction in the overall demand for commodities.
"We think that the Armenian economy may start to be affected if the
situation in Europe deteriorates further, leading to a reduction
in the overall demand for commodities and accordingly a reduction
in prices. This includes commodities which we export - like copper,
molybdenum and gold - and international prices for oil, which, if they
reduce significantly, might affect the Russian economy and accordingly
remittance and trade flows to Armenia", Astrid Clifford concluded.