Vache Gabrielyan: No economic growth is forecasted in Armenia in 2009

PanARMENIAN.Net - CBA experts forecast no economic growth in Armenia in 2009, Deputy CBA Governor Vache Gabrielyan told at the discussion entitled "Impact of the Global Financial Crisis on Armenia: Empirical Evidence". According to him, this does not mean separate segments will not see the economic growth. As for world economy growth, Deputy CBA Governor believes it will be registered in 2010-2011.



Commenting on the statement of King Banaian, AIPRG fellow, chairperson at St. Cloud State University, USA, on Armenian's dependence on transfers from Russia, Vache Gabrielyan explained that there are a number of concomitant reasons, knowledge of language and free visa regime included.



"There's a history of long-term relationship between Armenia and Russia, most of Armenia's migrants reside in Russia, so the reduction of transfer flow couldn't but have a negative effect Armenia's economy," he said. He agreed that Armenia has to diversify its economy to reduce its dependence on foreign transfers in future.



On June 7-8, Yerevan hosted '' Impact of the Global Financial Crisis on Armenia: Short- and Long-run Perspectives'' international scientific conference, organized by Armenian International Policy Research Group (AIPRG).