Forecasted second wave of crisis would slash transfers to Armenia

19.10.2011 18:03
Forecasted second wave of crisis would slash transfers to Armenia

YEREVAN, October 19. / ARKA /. The forecasted second wave of the global economic crisis would impact Armenia by reduced money transfers from abroad, Gigor Hayrapetyan, a doctor of economy, told journalists today.

"The Armenian economy is in a very precarious condition, and most of the population lives on transfers received from Russia, Europe and the United States, and of course the impact of the crisis on these countries will lead to a reduction in transfers to Armenia. This would result in reduced demand and worsening socio-economic situation, "said Hayrapetyan.

According to him, the second wave of the global crisis would be triggered by a complicated economic situation in the U.S. and Europe.

"We have overcome the first stage of the crisis, but we can not say that it was successful. Of course, it could have been worse, but judging from the data in 2010, Armenia's economy has returned to the macroeconomic indicators of 2007, " he said .

According to Hayrapetyan, the second wave of the crisis would be bigger and to overcome it Armenia needs to have a stable and growing economy. According to official data of the Central Bank of Armenia, individual money transfers in the first seven months of this year increased by 25% from a year before to $772.4 million . -0-


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