Armenia to face economic decline by end year, ARP deputy says

NA deputy, Armenian Republican Party representative Gagik Minasyan assured that in view of economic developments Armenia will not be facing unfavorable effects, since the steps taken by the government will ensure a more intensive development of economy at the second part of the year.

He signified that the President of the republic stated since the very beginning of the crisis that social expenditures will be ensured.

“The anti-crisis steps taken by the government are brought about by the current situation. We have different pictures in the four spheres forming GDP – agriculture, industry, construction, services. The sphere of construction has suffered biggest losses and the attention to the sphere is quite natural,” the deputy said.

He is sure that there are different ways to overcome the crisis, the most essential one being that the situation will be regulated by end year.

G. Minasyan pionted out the stable situation in the sphere of construction and assured that the investments are long-term, though, the part construction has in the formation of GDP will decrease during years, since it is not “an imported branch.”

“The part of the services will increase. By end year we will have economic decline of over 10%, also IMF said this,” the deputy said. Armenia’s external debt in proportion to the GDP makes 13.4%, while that of the CIS countries makes 33%.

Minasyan said, it will not exceed 30% in our country, if we obtain another $6 milliard loan.