YEREVAN, September 17. / ARKA /. An Armenian parliament member from the opposition Armenian Revolutionary Federation (ARF) has warned today that a new wave of global financial crisis may hit Armenia’s economy severely.

Speaking at a news conference Artsvik Minasian said a shock at global markets may translate into a disastrous earthquake for Armenia. Minasian said fluctuations in commodity prices can not be avoided and since Armenia is heavily dependent on international processes, including money transfers from labor migrants and commodity prices, any change in Russia or Europe will affect its economy.

"The problem is that our economy will again appear unprepared for this, because the government does not pay due attention to making our economy immune against external impacts, focusing instead of finding situational solutions", he said.

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Now Armenian economy is more formulated than earlier and is ready to face the possible second wave of world crisis.

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The global financial and economic crisis has plunged the world into a permanent recessionary wave, Hrant Bagratyan, former Armenian prime minister, said Wednesday at a news conference.

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Armenian prime minister Tigran Sarkisian said Wednesday that Armenia Responses To Crisis By Economy Diversification And Business Environment Improvement.

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Global imbalances back, IMF Managing Director Dominique Strauss-Kahn warns.

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EBRD report says Armenia has recovered from an exceptionally sharp output contraction during the crisis.

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Armenia should be ready for counteraction to crisis, said Executive Director of Pan-Armenian Bank Vahram Nersisyants.

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Government of Armenia could manage to maintain macroeconomic stability in the period of crisis, said Armenian Minister of Finance Tigran Davtyan.

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Armenian banks have managed to overcome the crisis with petty losses, Black Sea Trade and Development Bank President Andrey Kondakov said.

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The $500 million Russian stabilization loan was instrumental in offsetting the negative impact of global economic crisis on Armenian economy, prime minister Tigran Sarkisian said during a meeting with a group of Russian journalists in Yerevan.

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