Financial crisis has already affected 90% of Armenian companies

PanARMENIAN.Net - A poll, involving 60 small and major companies in Yerevan and RA regions, showed that the crisis has affected 90% of them, Economy and Values Research Center stated.

According to Economy and Values Research Center Chairman Manuk Hergnyan, 70% of organizations' main issues are caused by reduced sales volumes, untimely payments and even non-fulfillment of payments. "35-40% of companies had difficulties in attracting financial means, " he said, adding that majority of companies plan to cut administration expenditures and delay planned investments.

40% of organizations polled plan job cuts, and 20% - salary reductions, especially in industrial spheres. On the other hand, the crisis has had a positive influence on a number of Armenian companies, as far as competitors' weakened positions, raw material and equipment price reductions are concerned.

"Around 80% of entrepreneurs polled believe that the crisis will exacerbate in 2009," Hergnyan reported.
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