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Armenian economists rule out 'Armageddon' scenario

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  • Armenian economists rule out 'Armageddon' scenario

    Armenian economists rule out 'Armageddon' scenario

    13:18 * 29.11.14



    The floating exchange rate of the US Dollar is not likely to cause an
    "economic Armageddon" in Armenia, an economist and a lawmaker of the
    ruling Republican party has said, forecasting even an optimistic
    scenario.

    "If you want to listen to economists' opinion, then let me say that no
    'Armacedon' is expected. But neither are we going to face any boom in
    light of the situation around the globe now. But our economy will see
    a certain growth, and there will be no collapse," he told Tert.am,
    commenting on the past days' Dollar-Dram fluctuations observed in the
    currency exchange units of Armenia.

    He said he doesn't think that the trend is likely to have only
    negative implications. "There is no unequivocal process in economy, so
    the Dollar valuation has both positive and negative aspects; it will
    boost our exports and economic growth," Badeyan explained.

    The International Monetary Fund's resident representative in Armenia,
    Teresa Daban Sanchezsaid in recent comments to the media that she
    shares the Central Bank estimates forecasting the national currency
    decline's positive impact on the domestic economy.

    Speaking to Tert.am, Gagik Minasyan, the Chairman of the National
    Assembly's Standing Committee on Financial-Credit and Budgetary
    Affairs, expressed his agreement to Prime Minister Hovik Abrahamyan's
    recent remark that the increased price for the US Dollar is likely to
    have a positive impact on the society's living standards. "What Mr
    Abrahamyan said describes the situation in a very clear way," he saod.

    After the Republican Party's executive board meeting on Wednesday, the
    prime minister said he thinks that the trend may offer advantages to
    the domestic manufacturers in their export procedures and job creation
    efforts.

    Vahagn Khachatryan, an economist affiliated with the opposition
    Armenian National Congress party, says he thinks that Armenia's
    economy is now in a deep state of recession. "The authorities'
    attitude is not unfortunately adequate, and they never clarify what is
    actually happening. Instead of avoiding speaking about that we should
    rather highlight the real situation in the economy, pointing out to
    the problems and taking steps to mitigate these conditions," he told
    our correspondent.

    Considering Armenia's economic dependence on Russia essentially big,
    the economist said he expects the current panic in the country to also
    influence Armenia.

    He said he finds the Government's tools and efforts in that direction
    absolutely unjustified. "What we see in the tax-collection sector
    today is one of the best ways to undermine and eventually crush the
    economy," he noted.

    As the best solution, he proposed suspending the government's tax
    reforms for a minimum period of three years and granting maximum
    privileges to small- and medium-sized enterprises (SMEs) to make their
    job creation plans realistic.


    http://www.tert.am/en/news/2014/11/29/armenian-economy/

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