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Armenian economists rule out 'Armageddon' scenario
13:18 * 29.11.14
The floating exchange rate of the US Dollar is not likely to cause an
"economic Armageddon" in Armenia, an economist and a lawmaker of the
ruling Republican party has said, forecasting even an optimistic
scenario.
"If you want to listen to economists' opinion, then let me say that no
'Armacedon' is expected. But neither are we going to face any boom in
light of the situation around the globe now. But our economy will see
a certain growth, and there will be no collapse," he told Tert.am,
commenting on the past days' Dollar-Dram fluctuations observed in the
currency exchange units of Armenia.
He said he doesn't think that the trend is likely to have only
negative implications. "There is no unequivocal process in economy, so
the Dollar valuation has both positive and negative aspects; it will
boost our exports and economic growth," Badeyan explained.
The International Monetary Fund's resident representative in Armenia,
Teresa Daban Sanchezsaid in recent comments to the media that she
shares the Central Bank estimates forecasting the national currency
decline's positive impact on the domestic economy.
Speaking to Tert.am, Gagik Minasyan, the Chairman of the National
Assembly's Standing Committee on Financial-Credit and Budgetary
Affairs, expressed his agreement to Prime Minister Hovik Abrahamyan's
recent remark that the increased price for the US Dollar is likely to
have a positive impact on the society's living standards. "What Mr
Abrahamyan said describes the situation in a very clear way," he saod.
After the Republican Party's executive board meeting on Wednesday, the
prime minister said he thinks that the trend may offer advantages to
the domestic manufacturers in their export procedures and job creation
efforts.
Vahagn Khachatryan, an economist affiliated with the opposition
Armenian National Congress party, says he thinks that Armenia's
economy is now in a deep state of recession. "The authorities'
attitude is not unfortunately adequate, and they never clarify what is
actually happening. Instead of avoiding speaking about that we should
rather highlight the real situation in the economy, pointing out to
the problems and taking steps to mitigate these conditions," he told
our correspondent.
Considering Armenia's economic dependence on Russia essentially big,
the economist said he expects the current panic in the country to also
influence Armenia.
He said he finds the Government's tools and efforts in that direction
absolutely unjustified. "What we see in the tax-collection sector
today is one of the best ways to undermine and eventually crush the
economy," he noted.
As the best solution, he proposed suspending the government's tax
reforms for a minimum period of three years and granting maximum
privileges to small- and medium-sized enterprises (SMEs) to make their
job creation plans realistic.
http://www.tert.am/en/news/2014/11/29/armenian-economy/
13:18 * 29.11.14
The floating exchange rate of the US Dollar is not likely to cause an
"economic Armageddon" in Armenia, an economist and a lawmaker of the
ruling Republican party has said, forecasting even an optimistic
scenario.
"If you want to listen to economists' opinion, then let me say that no
'Armacedon' is expected. But neither are we going to face any boom in
light of the situation around the globe now. But our economy will see
a certain growth, and there will be no collapse," he told Tert.am,
commenting on the past days' Dollar-Dram fluctuations observed in the
currency exchange units of Armenia.
He said he doesn't think that the trend is likely to have only
negative implications. "There is no unequivocal process in economy, so
the Dollar valuation has both positive and negative aspects; it will
boost our exports and economic growth," Badeyan explained.
The International Monetary Fund's resident representative in Armenia,
Teresa Daban Sanchezsaid in recent comments to the media that she
shares the Central Bank estimates forecasting the national currency
decline's positive impact on the domestic economy.
Speaking to Tert.am, Gagik Minasyan, the Chairman of the National
Assembly's Standing Committee on Financial-Credit and Budgetary
Affairs, expressed his agreement to Prime Minister Hovik Abrahamyan's
recent remark that the increased price for the US Dollar is likely to
have a positive impact on the society's living standards. "What Mr
Abrahamyan said describes the situation in a very clear way," he saod.
After the Republican Party's executive board meeting on Wednesday, the
prime minister said he thinks that the trend may offer advantages to
the domestic manufacturers in their export procedures and job creation
efforts.
Vahagn Khachatryan, an economist affiliated with the opposition
Armenian National Congress party, says he thinks that Armenia's
economy is now in a deep state of recession. "The authorities'
attitude is not unfortunately adequate, and they never clarify what is
actually happening. Instead of avoiding speaking about that we should
rather highlight the real situation in the economy, pointing out to
the problems and taking steps to mitigate these conditions," he told
our correspondent.
Considering Armenia's economic dependence on Russia essentially big,
the economist said he expects the current panic in the country to also
influence Armenia.
He said he finds the Government's tools and efforts in that direction
absolutely unjustified. "What we see in the tax-collection sector
today is one of the best ways to undermine and eventually crush the
economy," he noted.
As the best solution, he proposed suspending the government's tax
reforms for a minimum period of three years and granting maximum
privileges to small- and medium-sized enterprises (SMEs) to make their
job creation plans realistic.
http://www.tert.am/en/news/2014/11/29/armenian-economy/