No Armageddon for Armenian economy in 2012

Vice president of the European Bank for Reconstruction and Development calls “not to succumb to panic” but be cautious with fiscal policy.

November 5, 2011
Economists’ apprehensions of the second wave of global recession are growing. The crisis that befell Europe is threatening while no perfect solution is found to overcome it. 2012 promises to be a hard year for the global economy. Italy, Portugal and other European states may have Greece’s fate. Politicians are searching for a way out; developments are unpredictable; markets are too sensitive.

Diaspora jewelers dream of free economic zone in Armenia

According to Gagik Gevorgyan, AJA plans large-scale training programs “to prepare designers to be the pride of our nation.”

September 24, 2011
Jewelers from the Armenian Diaspora gathered in Armenia in the framework of celebrations dedicated to the 20th anniversary of the republic’s independence. United by the Armenian Jewelers Association (AJA), many of them head the associations of jewelers in the countries they live.

Armenia tackles industry problems

According to Economy Minister Tigran Davtyan, his ministry has developed a ‘strategic expert-oriented policy’.

August 27, 2011
Deriving lessons from the crisis, when the engine of Armenia’s economic growth – the construction industry – suffered worst losses, the Armenian government remembered that Armenia “was and will be an industrial country.”

When will Armenia’s business sector show progress?

“A smaller country may easier adapt to new conditions,” Deputy Director of Association of Russian Banks analytical department said.

July 23, 2011
Improvement in business climate may become possible through raising the level of property rights protection in the country to stimulate capital inflow and simultaneously reduce its outflow, according to Sergey Grigoryan, Deputy Director of Association of Russian Banks analytical department.

Armenia expects inflation decrease

The government’s relative calmness can be explained by the fact that most of the economic programs that were subsidized are being successfully implemented.

July 2, 2011
Armenian Prime Minister was waiting for a guest meeting of the government in Vayots Dzor province to tell that the country is entering a deflation period.

Armenia’s economy insufficiently diversified, PM admits

A joint OECD and FAO report forecast that food prices will be high and volatile for the next decade, driven by rising incomes in emerging nations and demand for biofuel.

June 18, 2011
The first difficulty that Armenia encountered in the post crisis period is the insufficiently diversified economy, according to Prime Minister Tigran Sargsyan. “Reacting on crisis, Armenia focused on three directions: diversification, improvement of infrastructure and business environment,” the PM said in an interview with CNN. “Further we hope to boost business environment and overcome consequences of crisis by means of consecutive efforts directed at implementation of reforms,” he said.

Shadow economy remains among Armenia’s pressing problems

Armenia needs to diversify export-oriented production, executive director of the Union of Armenian Manufacturers and Businessmen says.

June 11, 2011
Currently import to Armenia exceeds export by 20-25%, and this trend has been maintained for the past 5-6 years. At that, 80% of exported products from Armenia are represented by 15 goods, including output of the mining industry, brandy, gold, etc. As for import, 25 goods make around 50% of imported products to the country.

Number of natural gas vehicles in Russia increasing, Armenia ready to share experience

In 2008-2009, 18 cars exploded at gas-filling station in Armenia, two of which with deadly outcome.

June 6, 2011
Number of natural gas vehicles in Russia increasing, Armenia ready to share experience
Gazprom plans to amend the legislation in favor of natural gas vehicles. According to the company forecasts, by 2020 there will be about 30% natural gas vehicles in Russia. Besides, says that Gazprom considers it necessary to approve a governmental program on replacing petrol with natural gas. It is to include new legislation on energy safety and federal target programs on using natural gas vehicles in construction, agricultural and municipal transport industry.

European vegetables not favored, local vegetables will be cheaper soon

The prices for the vegetables and fruits are expected to go down in June. At that, the harvest will not only satisfy the needs of the Armenian market but will be imported as well.

June 4, 2011
Following Russia, Armenia has banned import of vegetables, specifically cucumbers and pepper in an attempt to prevent penetration of the E. coli bacteria that killed over a dozen of people in Europe. At that, Agriculture Minister Sergo Yeritsyan assured that the deadly bacteria doesn’t threaten Armenia, as vegetables and fruits from Europe has not been imported.

IAEA: Armenian nuke plant poses no danger

“There is no industrial activity that does not pose any risk, but I think the results of our inspection show that this risk at Metsamor is acceptable,” Gabor Vamos said.

June 4, 2011
IAEA: Armenian nuke plant poses no danger
The IAEA's 11-member Operational Safety Review Team (OSART) for Armenia, which inspected the Armenian nuclear power plant (NPP) safety from May 16 to June 2, concluded that the plant does not pose any danger. “There is no industrial activity that does not pose any risk, but I think the results of our inspection show that this risk at Metsamor is acceptable,” Gabor Vamos, head of the OSART, said upon completion of the monitoring.