YEREVAN, December 28. /ARKA/. “Armenia managed to come out of crisis with minimum losses”, said Artur Javadyan, Head of Central Bank of Armenia on Monday. The year 2009 was hard and contradictory year from economic point of view which allowed to detect strong and weak sides of Armenian economy, its priorities and achievements.

“It is difficult to disagree with the assessment of the government that absence of diversification and competition are the most serious challenges for Armenia. At the same time it is difficult to underestimate the investment of macroeconomic and financial stability in the provision of economic sustainability”, said Javadyan.

Pre-crisis achievements of macroeconomic policy allowed Armenia to quickly mobilize essential external and internal resources, maintain inflation atmosphere not hindering economic growth and stability of financial systems in creditability policy.

“In the conditions of decrease of global demand, decrease of prices and reduction of volumes of exported mining goods, as well as reduction of flow of transferts to Armenia, the economy of the country the first time in 14 years experienced decline”, he said. Impact of economic crisis in Armenia started from the forth quarter of 2008 creating serious challenges for the economy of the country. “Currently it is important to correctly assess advantages and deficiencies of Armenian economy, threats and possible impact of crisis for coming out of the situation with minimum losses. In general, we can say that Government of Armenia and Central Bank of Armenia could manage it”, said Javadyan.

According to the data of National Statistic Service of Armenia, in January-November 2009, GDP volume was reduced by 16% compared with the same period of 2008. --0—