By the end of the year Armenia's economy to start rehabilitate

PanARMENIAN.Net - By the end of this year Armenia's economy to start stabilizing, told a news conference Gagik Minasyan, chairman of the NA Standing Committee on Finance-Credit, Budget and Economic Affairs and deputy from RPA.



According to him, currently a very interesting situation has been created not only in Armenia, but in the whole world. Economic decline seems to approach its peak and we are likely to overcome it in the nearest times," said Mr. Minasyan.



According to the forecast of international agencies, the world economy will start stabilizing at the beginning of the forth quarter of 2009, and it means Armenia's economy will start rehabilitating at the end of the forth quarter, NA deputy told.



As Mr.Minasyan explained, since Armenia has experienced the impact of the world crisis later than other countries, therefore the rehabilitation of Armenian economy will become later. "Armenian reality lags behind of the world, therefore our the rehabilitation of economy will be behind the world," Minasyan said.



The economic performance of four month seem to affirm that assumption. Over the first four month the GDP has reduced by 9.8 per cent, and decline has been observed in the all spheres of economy, particularly, in the construction industry. The average monthly salary grew by 13 per cent, and 3,9 per cent of inflation has been recorded for the mentioned period due to devaluation of the Armenian Dram.



As Mr.Minasyan mentioned, this situation is consonant to the state of European countries, where the decline reached 5 per cent for a three-month period. He added, that Baltic countries experienced two-figured recession.