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Draft State Budget Is In Need Of Recalculation, Economist T. Manaser

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  • Draft State Budget Is In Need Of Recalculation, Economist T. Manaser

    DRAFT STATE BUDGET IS IN NEED OF RECALCULATION, ECONOMIST T. MANASERIAN BELIEVES

    Noyan Tapan
    http://www.nt.am?shownews=1010030
    Nov 26, 2008

    YEREVAN, NOVEMBER 26, NOYAN TAPAN. The draft state budget is in need
    of serious recalculation because when submitting the draft to the
    National Assembly, the government did not take into account the impact
    of the global financial crisis on Armenia, economist Tatul Manaserian
    expressed an opinion during the November 26 press conference.

    According to him, although the program of the current government
    is much better than those declared by the previous governments,
    the current government program and that of the coalition were not
    reflected in the 2009 draft state budget. The development tendencies
    of the science, which is "now in agony", were not reflected in the
    draft either, whereas the government has announced its intention to
    build a knowledge-based economy.

    As regards the economic developments, T. Manaserian said that the
    continuous tendency of Armenian imports growth's exceeding exports
    growth is dangerous under conditions of a decline in the inflow of
    remittances. In his words, imports grew by 40%, while exports by
    1% in January-October 2008 on the same period of last year, and if
    the current growth tendency continues, this difference may increase
    tenfold in 2009.

    In the opinion of T. Manaserian, the Armenian authorities should
    conduct a policy of reducing interest rates to encourage the inflow
    of money into the country's economy, while in order to reduce the
    negative impact of the possible inflation on the vulnerable groups
    of the population, a targeted social policy should be conducted.
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