Armenia to come out of crisis from H2 in 2010

09.11.2009 09:25
Armenia to come out of crisis from H2 in 2010

YEREVAN, November 6, /ARKA/. Director general of NASDAQ OMX Armenia stock exchange Armen Melikian said today Armenia will start getting out of the crisis in second half of 2010.

Speaking to ARKA he highlighted Armenian economy’s ‘strong dependence’ on prominent countries saying if the latter hit the bottom and there are already green shoots of recovery, then the Armenian economy will hit the bottom some time later and will be back on recovery track only from the second half of 2010.

Armen Melikian said he links this issue with creation of a stronger environment for attracting private foreign investments. He said foreign investors began actively investing in Armenia in 2004 and continued doing so until 2008, but the global financial and economic crisis forced them to turn to tackling their internal problems.

“Today all announcements about whether Armenia hit or did not hit the bottom of financial crisis are linked closely with the fact whether foreign investors have solved or not their internal problems,’ he said.

According to him, only after summing up the 2009 one can say whether Armenia managed to cope with the crisis or not.

‘Economic indices for 2009 will show how we closed the year and how to use them in future in order to get back on track,’ he said. -0-

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