YEREVAN, July 2. / ARKA /. Russian experts do not exclude the probability of a second wave of global economic crisis.

Head of Research Department of Treasury and Financial Markets of Sberbank of Russia Nikolai Kashcheev believes that the second wave of the crisis is likely to happen.

"According to the laws of the genre, it would not be as deep as you cannot go into the same river twice," said Kashcheev on Thursday during a speech at the Seventh Bond Congress of CIS and Baltic countries, held in Yerevan on July 1-2.

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More than half of Armenian respondents expect a second wave of crisis

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Aristomene Varoudakis, head of World Bank Yerevan Office, said today Armenia has left behind the most critical phase of the economic crisis.

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The European Bank for Reconstruction and Development, the European Investment Bank Group, and the World Bank Group – launched a Joint IFI Action Plan in support of banking systems and lending to the real economy in Central and Eastern Europe a year ago, on February 27, 2009.

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Commercial banks’ efforts to rid Armenia from the economic crisis should be more vigorous.

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Armenia’s real estate market will remain stagnant until economic crisis is overcome, since the crisis has stricken mainly at housing, Tatul Manaseryan, adviser to Armenian Parliament Speaker said.

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Armenia is unlikely to face double-dip crisis in 2010, Executive Director of ProCreditBank Bertold Herzfeld said in an interview with ARKA News Agency.

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On Wednesday, Mark Lewis, the head of International Monetary Fund’s mission in Armenia, told ARKA News Agency that he found double-dip crisis in Armenia unlikely.

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The global financial crisis had a severe impact on Armenia highlighting need for further reforms, EBRD says in its Transition Report, which will be presented in Yerevan on February 16.

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The financial crisis has affected the domestic lending market and also Bless Universal Credit Organization, Hayk Stepanyan.

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