«Armenia will be hard at making any economic growth in 2009»

«This is really a global crisis, even the Great depression of 1929-1933 was not so global,» the president of the
«Economy and values» research center Manuk Hergnyan told journalists today. According to him, Armenia will be hard at making any economic growth in 2009, the best script being the very small economic cutback.

Manuk Hergnyan said that the crisis forecast is very hard, nevertheless, he defined 3 scripts. The first one, according to him, is the quick recovery by the end of the year and reminded the US FRB chiarman Ben Bernanke yesterday’s statement over the US economy to start a recovery by end 2009, which, as M. Hergenyan said, is an optimistic script.

According to his second script, the economic crisis will take 3-4 years, like an average crisis. It’s a year since the crisis started, including the crisis hidden stage and, hence, the recovery will take as long as 2-3 years.

The thid script says, no one can make any forecasts over the crisis length.