No economic growth in 2010: expert

10.02.2010 13:30
No economic growth in 2010: expert

YEREVAN, February 10. /ARKA/. Karapet Gevorkian, a candidate of economy, a representative of German KfW Bank in Armenia,  questioned today the government’s projection of a 1.2% GDP growth this year.

In an interview with ARKA news agency he said the global economic and financial crisis was not over yet and its impact will be felt throughout 2010 and 2011.

In his words, it will take Armenia from 3 to 4 years to get back to its economic growth indicators of 2007-2008. He said some stability would be observed this year and only in 2011 the economy will begin to grow.

“I do not think the country may  achieve a positive growth this year.   It may be a zero growth or even a little below zero,’ he said, adding that the government should direct its efforts first of all at diversification of the economy and reducing its  dependence on construction and mining sectors. Instead, the focus should be on IT, agriculture and tourisms sectors, he said.

Karapet Gevorkian said  the year of 2010 will be successful for the financial and banking sectors  which sustained least of shocks last year due to their flexibility and mobility.  -0-


Partners news

Related Posts