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High Inflation Rates Will Persist Throughout The Year, Says Former C

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  • High Inflation Rates Will Persist Throughout The Year, Says Former C

    HIGH INFLATION RATES WILL PERSIST THROUGHOUT THE YEAR, SAYS FORMER CENTRAL BANK CHAIRMAN

    Tert.am
    18.02.11

    The former chairman of the Central Bank, Bagrat Asatryan, convened
    Friday a news conference share concerns over the high rate of inflation
    in world countries and especially Armenia.

    He said though the economic recession is overcome, there is a tendency
    of inflation, with prices on food products and raw materials soaring
    up.

    Speaking of the situation in Armenia, he particularly said: "We
    recorded a high rate of inflation in 2010, with the economic growth
    being the lowest in the past 15 years."

    Asatryan predicted 8%-9% inflation rate and 3%-4% economic growth for
    2011. He explained such records by positive trends in agriculture,
    services sector, trade and construction.

    "Even with such growth we'll be far from the situation we had before
    the crisis. We'll recover the pre-crisis rates only in 2013-14,"
    he said, adding that the inflation on the world market also has a
    negative impact on Armenia.

    He further spoke of the increased poverty rate and class polarization.

    Drawing comparisons with the current prices in Europe, he said fruit
    and vegetables in the European countries sell for 1.5 less than
    in Armenia.

    "It is the existing system in Armenia that forces us to pay the
    highest price for everything. The authorities have either refused to
    control the market or fallen victim to the oligarchs. If the system
    is maintained, our market will be the most expensive in the world."




    From: A. Papazian
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