REVALUATION OF DRAM THREATENS ECONOMY
Lragir, Armenia
Dec 12 2006
On December 12 the expert of the European Bank for Reconstruction and
Development Alexander Kirmichu stated that the absence of competition
in the Armenian economy is the greatest obstacle to its development,
and the revaluation of the dram threatens the country’s economy in
general, reports ARKA News Agency.
The expert mentioned that the revaluation of the dram will lead to
dramatic consequences if the growth of production stops. By the way,
according to the National Statistics Service, the rate of production
in Armenia has dropped.
Alexander Kirmichu also said that Armenia has carried out the first
stage of economic reforms, i.e. privatization, meanwhile Armenia
is behind of the other CIS states in implementing the second stage
of reforms. Nevertheless, the EBRD forecasts a 8.5 percent economic
growth in 2006.