Armenia's economic slump to comprise 12-14% on annual level

PanARMENIAN.Net - Based on 2009 results, Armenia's economic slump is expected to comprise 12-14%, said Manuk Yergbyan, Chair of Economy and Value research centre. Inflation, according to him, will fluctuate within the range of 7-8%. "Inflation rate in Armenia has always been low, and considering global inflation pressures, it is not going to be high now either," he noted.



Introducing the results of "World Competitiveness Report 2009-20010", which ranks Armenia as the 97th state in the list of 133 countries, the expert said that the country's economic structure needs fundamental reforms to be able to resist external "shocks" in future. "In comparison with other CIS countries, Armenia had a very low GDP. That testifies to our economy's being vulnerable and needing diversification," Yergnyan said. A country which recorded a two-digit economic growth over the recent years, Armenia currently shows no tendency for stable growth. "That's an impulse for returning to real issues of economy," the expert added. To improve the situation it is necessary to create a competitive environment and technical background for economic development, he said.



As of January-July 2009, economic slump and inflation rate in Armenia comprised 18.5% and 2.7% respectively.