Former prime minister forecasts economic recovery

Former Prime Minister of Armenia Hrant Bagratyan spoke about the impact of the global financial crisis on country’s economy at today’s press conference. As he said, Armenia is now facing stage 3 of the crisis, the deepest one. He made forecasts saying the Armenian economy is yet to overcome the fourth, the gravest stage and will have up to 12% of recession.

«The recession of the Armenian economy will be from 6,5-7 up to 12%,» he said. According to him, these figures will be clearer in August, since new tendencies are possible in Russia, which the Armenian economy greatly depends on.

Russian economy, consequently, the Armenian as well, may be affected by the economic growth, expected in the USA, H. Bagratyan thinks. He reminded that the US government has placed about $1,5 trillion loan turnover and in summer the US expects the return of the second wave of the investment.

«If the second wave sums return this summer, economic growth is supposed to boost in 6-9 months and the US economy will recover,» H. Bagratyan said. The same situation, as Bagratyan said, may occur in Russia as well.

All in all, the situation in our country may recover in 2011-2012 if the Armenian authorities lead a right economic policy.