Gurgen Narimanyan:Gurgen Narimanyan: those who survived in crisis are quids inJuly 29, 2009 PanARMENIAN.Net - Economic crisis offer new opportunities for a large number of companies. Financial director of STAR supermarket network Gurgen Narimanyan comments to PanARMENIAN.Net how to float. How would you assess the current economic situation in Armenia? Is there any progress? I think everyone knows that the global financial crisis will have grave consequences for the economies of all countries. Armenia is not an exception. Our banks have not granted jumbo credits since October 2008. It specifically refers to construction industry. Prices for real estate eased by 40%. Construction projects were reduced by 50%. Retail dropped by 15%. I suppose it will be possible to make a thorough analysis when the economy development index is officially announced. But it's obvious that our economy will be affected badly. Like in other countries, we can expect real sector damages and unemployment. It's premature to speak of progress, because even those countries which have already reached the bottom of the crisis still anticipate a second negative wave. When will we witness the results of financial injections administered by our government? The crisis has revealed a number of urgent problems in the Armenian economy. I can't judge about commensurability of the injections and their efficiency but the government should realize the urgency of problems and strive for maximal effect. At that, financial injections should be a part of leveraged tax policy.Do you agree with the government's worst-case scenario for a 20% GDP slump? I suppose the slump will be 16-18% and the worst-case scenario will not come true.Financial crisis is often described as a phenomenon providing new opportunities? Which are these opportunities for your company? True, the crisis offered new opportunities. Those who survived the storm can share large profits. It's necessary to adopt the new reality and attract as many customers as possible, specifically the middle and lower strata of the population. | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |