Armenian economy minister refuses to make GDP growth assessment

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Economy

22.01.2015, 18:21

Armenian economy minister Karen Chshmarityan refused today to make economic growth forecasts

Armenian economy minister refuses to make GDP growth assessment

YEREVAN, January 22. / ARKA /. Armenian economy minister Karen Chshmarityan refused today to make economic growth forecasts

In its latest economic outlook the European Bank for Reconstruction and Development (EBRD) said the Armenian economy is expected to stagnate in 2015. The report said the depreciation of the Russian ruble has increased pressures on the currencies of economies with strong trade, investment and remittances ties to Russia, with the sharpest declines seen in Belarus, Turkmenistan and Armenia.

In its previous report the EBRD predicted a 3.5 percent growth for Armenia this year and a 3 percent growth for 2014.

Speaking to reporters after a cabinet session the minister said ‘we are assessing now how the overall crisis will affect the real economy sector and we should wait for the National Statistical Service to release its indicators expected in late January after which it will be possible to analyze the situation and make future predictions."

He said various international organizations use different methodologies to asses Armenia’s economic indicators, however, the studies of the Armenian ministry of economy show ‘that working with the real sector and supporting it offer a completely different picture.’

He said the ministry is working now with all the companies, especially with those with export potential.

"Our goal is to provide facilitating mechanisms. In particular, we launched the Armenian Development Fund to promote Armenian products abroad. We have laws that provide for lower income taxes for those companies which boost their exports. We use various tools to prevent decline in production," said Chshmarityan.-0-

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