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Armenia's Economy Recovery Expected By End Of 2011

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  • Armenia's Economy Recovery Expected By End Of 2011

    ARMENIA'S ECONOMY RECOVERY EXPECTED BY END OF 2011

    PanARMENIAN.Net
    31.03.2010 14:17 GMT+04:00

    /PanARMENIAN.Net/ RA Minister of Finance Tigran Davtyan said that
    Armenia's economy is at the final stage of stabilization and its
    recovery is already expected.

    "Today, our basic goal is to restore our pre-crisis potential as soon
    as possible," Mr. Davtyan told a press conference on March 31.

    Besides, according to the Minister, the economy's recovery shall be
    accompanied by its simultaneous restructuring. He added that this
    process will require huge efforts by the Armenian authorities.

    "I believe that the current growth rates will be preserved and,
    taking into consideration other facts, 1-1.5 year will be required
    for Armenia's economy recovery, while we will be able to speak about
    return to previous growth index by the end of 2011," added Mr.

    Davtyan.

    As for the inflation index, according to the Minister, the Armenian
    government and Central Bank will apply the available mechanisms to
    decrease its rates, specifically, reduction of the state budget
    deficit, improvement of the legislative field and competition
    environment, increase of the refunding rate, etc. "We will have an
    inflation index close to the planned one at the year-end," he stated.

    Referring to the national currency exchange rate, the Minister noted
    that it will keep fluctuating during a year, while the RA Central
    Bank will undertake all measures to avoid its sharp fluctuations.
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