Armenian economy ready to face consequences of possible turmoil at global markets: Finance minister

22.06.2012 21:30
Armenian economy ready to face consequences of possible turmoil at global markets: Finance minister

YEREVAN, June 22. /ARKA/. The Armenian economy is ready to face the consequences of a possible turmoil at global markets, finance minister Vache Gabrielian said Friday at a business forum organized by the Black Sea Trade and Development Bank (BSTDB) in Yerevan.

He cited double-digit industrial growth secured largely by export-oriented mining sector, saying this in view the government hopes to achieve substantial growth in GDP.

"We believe that this is the key to improving the resilience of the economy and preventing negative effects of various external shocks. Bad news is coming every day from global markets and we believe that we are ready for it," he said.

In 2009, Armenia’s economy declined by 14.4% compared with 2008. According to the National Statistics Service, in 2010 Armenia's GDP grew by 2.6% compared with 2009 and by 4.6% in 2011.

"This year we expect to achieve a GDP growth rate of 7%. We have set a very ambitious task, in comparison with our abilities; we know that external conditions are not favorable, therefore, we rely on the consolidation of our own resources, and as a result we hope to secure the planned level," he said.

The business-forum "Armenia - opportunities for growth and international experience" is organized by BSTDB in collaboration with the Central Bank of Armenia, Ministry of Finance, Union of Banks and the Union of Industrialists and Entrepreneurs of Armenia. The forum is attended by representatives from a number of world leading financial institutions, such as European Investment Bank, European Bank of Reconstruction and Development, International Financial Corporation, International Investment Bank, Nordic Investment Bank, as well as national institutions ensuring development, such as KfW group from Germany, Austrian Development Bank, Russian Vnesheconombank and others. -0-


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