  Economic downturn in Armenia to reach 10-12 per cent in 2009July 22, 2009 - 20:06 AMT PanARMENIAN.Net - Economic downturn in Armenia will reach 10-12 per cent in 2009, Tigran Jrbashyan, director of development of Ameriabank told a news conference today. According to Mr. Jrbashyan, Armenia's GDP continues to decline, recession has already reached a 16.3 per cent rate, and only in July and August the recession pace will begin to slow, and this will be the first positive signal. "I do not think that the GDP decline will reach 20 per cent (worst scenario of the RA government), according to a realistic scenario it will reach 10-12 per cent," he said. According to Tigran Jrbashyan the GDP is influenced by many factors: the activity in the financial markets, the situation with oil, etc. Reduced activity of the foreign trade provided Armenia with an "airbag". "If over the first half of 2008 negative trade balance reached USD 1.3 billion, then now it is equal to USD 1,097," he informed. However, the reduction of negative balance occurs with the general decrease in exports. "This has its explanation, as the foreign markets for domestic goods begun to recover and grow, and only the outcomes of the third quarter of 2009 will show that the decline of exports will shift into low gear in Armenia," the expert said. According to him, this crisis is the possibility: leaders will appear in each sector of the economy, they will be able to win the free niches due to their competitive advantages, the economy will be restructured, and "we will have a post-crisis economy". According to the RA National Statistical Service, exports from Armenia decreased by 45.9 per cent declining to 98.9 billion AMD over January-June this year compared to the same period last year. Imports decreased by 27,5 per cent and amounted to 479.9 billion AMD. Negative balance reached 381 billion AMD ($ 1097,3). Armenia's foreign trade turnover in January-June 2009 amounted to 578.8 billion AMD, 31.5 per cent less the same indicator last year. This external deficit in January-June 2009 amounted to 381 billion AMD.   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 |  Related sections Latest news Court in Azerbaijan extends former Karabakh leader’s arrest by 5 months  The Binagadi District Court in Azerbaijan has granted the prosecutor’s petition to extend the arrest of Arkady Ghukasyan.Ucom General Director joins High-Tech Development Panel Discussion The discussion was titled "The Role of International Corporations and Investors as Catalysts for Development of High-Tech Ecosystem."U.S. still believes “peace is possible” between Armenia, Azerbaijan The United States continues to believe that peace is possible between Armenia and Azerbaijan, Vedant Patel says.Dozens detained as antigovernment protest continue in Armenia At least 63 people demanding Prime Minister Nikol Pashinyan’s resignation were detained on May 14 as they blocked streets in Yerevan. |
