Correct economic policy may bring Armenian GDP growth up to 8-9% in 2014 -expert

Correct economic policy may bring Armenian GDP growth up to 8-9% in 2014 -expert

YEREVAN, June 11. /ARKA/. Armenia may reach 8-9% economic growth in 2014 if the government pursues a correct economic policy, said the head of ‘Alternative’ research center economist Tatul Manaseryan.

He said this can be achieved despite of IMF’s pessimistic forecasts, if the existing local potential is correctly used.

IMF’s projections for Armenia’s economic growth are 4.3% for 2014 and 4.5% for 2015. The WB’s Global Economic Prospects report released on Tuesday say Armenia is expected to post 5% economy growth in 2014, 2015 and 2016.

According to Manaseryan, the potential will be used in a correct way if conditions are set for private businesses, non-operated enterprises are re-commissioned, and the quality of local products is improved to make them more competitive in the outer markets. Another factor is the raising of confidence toward the government, which will boost investments in the country, he said.

Manaseryan has also proposed to set up a government-private partnership fund, like it was done in Georgia, to achieve high economic indicators.

The economist stressed Armenia’s accession to the Eurasian Economic Union will have a very positive impact on economic development as it will open up a huge market to Armenian producers.

Manaseryan said the Ukraine crisis will not affect Armenian economy seriously as the bilateral trade is not very developed today. Yet, Armenia should aim at expanding its trade and economic relations with Ukraine, the economist said.

According to ArmStat, Armenia posted a 3.5% GDP growth in 2013, compared to 6.2% under the budget. The target level for 2014 is 5.2% in the budget. –0--

13:41 11.06.2014

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