Short economic recession to be the best scenario for ArmeniaMay 6, 2009 - 19:12 AMT PanARMENIAN.Net - Short economic recession will be the best scenario for Armenia, Manouk Yergnyan, Chairman of Economy and Values research centre told journalists today. Mr. Yergyan finds it very difficult to make predictions on crisis impact. He singled out three scenarios for further development of global financial-economic crisis.According to the first, most optimistic scenario, economy will recover only at the end of the current year. The basic scenario, according to Mr. Yergyan, predicts continuation of economic crisis for the coming 3-4 years. "That means, after a year of crisis, 3-4 years will be needed for full recovery," he said. The third scenario does not allow for any prediction since this is really a global crisis with peculiarities of its own. In this connection, Mr. Yergnyan added that Armenia will hardly manage to ensure high paces of annual economic growth. Summing up, he noted that "Short economic recession will be the best scenario for Armenia." In January-March 2009, Armenia recorded economic recession of 6.1% in comparison with the same period of last year. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | European Parliament to discuss repression in Azerbaijan The European Parliament will discuss repression of civil society in Azerbaijan on April 24 PACE wants concessions from Azerbaijan to accept Baku back A PACE co-rapporteur said that Azerbaijani authorities must make certain concessions so that the country can return to PACE. Cyprus parliament honors Armenian genocide victims Acting House President Zacharias Koulias noted that April 24 marks the “black anniversary” of the Armenian genocide. Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed. |