Mon, 27 October
8.1 C
Yerevan
USD: 383.05 RUB: 4.73 EUR: 444.80 GEL: 141.19 GBP: 510.03

No economic growth in 2010: expert

YEREVAN, February 10. /ARKA/. Karapet Gevorkian, a candidate of economy, a representative of German KfW Bank in Armenia,  questioned today the government’s projection of a 1.2% GDP growth this year.

In an interview with ARKA news agency he said the global economic and financial crisis was not over yet and its impact will be felt throughout 2010 and 2011.

In his words, it will take Armenia from 3 to 4 years to get back to its economic growth indicators of 2007-2008. He said some stability would be observed this year and only in 2011 the economy will begin to grow.

“I do not think the country may  achieve a positive growth this year.   It may be a zero growth or even a little below zero,’ he said, adding that the government should direct its efforts first of all at diversification of the economy and reducing its  dependence on construction and mining sectors. Instead, the focus should be on IT, agriculture and tourisms sectors, he said.

Karapet Gevorkian said  the year of 2010 will be successful for the financial and banking sectors  which sustained least of shocks last year due to their flexibility and mobility.  -0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Ranking of the most profitable banks in Armenia based on results of second quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the second quarter of 2025.

The UAE instead of Europe : why Armenia needs to change its approach to crypto regulation – EXCLUSIVE

The Armenian Forum on Cryptocurrency Assets, organized by the Cilicia Business Club, was recently conducted in Yerevan.

Moody’s upgrades Converse Bank’s ratings

Moody's Ratings has upgraded Converse Bank CJSC's long-term local and foreign currency bank deposit ratings to Ba3 from B1, aligning the Bank’s rating with Armenia’s sovereign rating.

LATEST NEWS

spot_imgspot_imgspot_img