In two years we shall approach before-the- crisis macroeconomic indices

19.11.2009 20:48
In two years we shall approach before-the- crisis macroeconomic indices

YEREVAN, November 19, /ARKA/. Armenia’s finance minister Tigran Davtian said today that all major macroeconomic indices will be back to before-the-crisis level in 2011.

“I think our economy will be able to recover quickly… The macroeconomic indices of 2010 budget are the minimal. I think in a year or two we shall be able to approach before- the- crisis macroeconomic indices as closely as possible to,’ the minister said during a parliament hearing on next year’s budget.

He said Armenian economy will start growing next year along with exiting from the crisis and cutting its budget deficit. He argued that being a small and ‘flexible’ country Armenia may leave the crisis behind sooner than other countries.

According to the 2010 draft budget, the government plans to collect 676. 6 billion Drams of revenues, and spend 859.6 billion Drams. The deficit is projected at 183 billion Drams and the GDP at 3.214 trillion Drams. Armenia’s state debt is expected to hit $3.6 billion, economic growth is projected at 1.2%. The deficit to GDP ration is projected at 6%, down from 7.5% for 2009.  -0-


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