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Small & Medium Businesses Make Armenia More Immune To Crisis, Prime

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  • Small & Medium Businesses Make Armenia More Immune To Crisis, Prime

    SMALL & MEDIUM BUSINESSES MAKE ARMENIA MORE IMMUNE TO CRISIS, PRIME MINISTER SAYS

    /ARKA/
    July 31
    YEREVAN

    Armenia has become more immune to the global financial and economic
    crisis thanks to small-to-medium-scale businesses, RA Prime Minister
    Tigran Sargsyan was quoted as saying on Thursday.

    "The first-half 2009 results show that local small-and-medium-scale
    businesses have contributed to the anti-crisis measures, taking into
    account the funds they put into circulation and industrial output,"
    Sargsyan said.

    Citing a 16% economic downturn and a slowdown in the local industry,
    the prime minister said the country posted a 1.22% upturn in power
    consumption, with the electricity tariff rising 23.9% from April 1.

    "This testifies to the positive impact of anti-crisis measures on
    the country's economy, with power consumption standing for economic
    performance," Sargsyan added.

    In his turn, RA Minister of Economy Nerses Yeritysan said
    small-to-medium-scale businesses had had a positive impact on the
    country's economy in genera, boosting such sectors as information
    technologies, tourism and services.

    "Under theses circumstances, most of the large enterprises prefer the
    niche of small-to-medium-scale businesses to be able to work more
    effectively," Yeritsyan said, urging Armenia's businesses to adopt
    innovative methods.

    According to the RA National Statistical Service (NSS), Armenia poste
    d a 16.3% first-half year-on-year economic downturn, with GDP totaling
    1,119.4bln drams ($3,216.2mln). At the same time, the country posted
    a 39.7% GDP rise between May and June.

    Armenia's Prime Minister Tigran Sargsyan previously forecast a 20%
    economic downturn in the country by end-2009. According to IMF
    forecasts, economic slowdown in Armenia is unlikely to exceed 10%,
    with inflation being in the range of 3%. WB forecast an economic
    decline of about 10% in Armenia by end-2009.
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