Tigran Jirbashyan: Armenia Will Inevitably Face Recession

TIGRAN JIRBASHYAN: ARMENIA WILL INEVITABLY FACE RECESSION

/PanARMENIAN.Net/
23.06.2009 16:13 GMT+04:00

/PanARMENIAN.Net/ Tigran Jrbashyan, Ameriabank’s Development Department
Director, forecasts economic downfall in all CIS and Eastern European
states. According to the expert, the situation in Armenia is accounted
for by the economy’s disproportionate structure: "Naturally 50-60%
of a country’s economy depends on one sector, i.e. construction,
crisis impact is more crucial than in countries with diversified
economic structure," he said, bringing the example of Russia where
economy is entirely dependent upon oil and gas export.

Nevertheless, Jrbashyan expressed hope that the Government’s
anti-crisis program will help overcome the crisis impact. "In
comparison with other Eastern European states, Armenia has a big ‘air
bag’ – low level of foreign debts with respect to GDP. That makes us
good borrowers, and others are ready to pay us credits," he added.

To this we should add national currency devaluation recorded in March.

In September, it will be possible to assess the situation in Armenia,
based on third quarter results. Jrbashyan finds that Armenia will
inevitably face economic recession, but the question is in what way.

"Ameriabank" CJSC is an investment bank rendering corporate, investment
and various other services in the form of a complex package. The
company’s strategic partner is "Troyka Dialog’, one of Russia’s
biggest investment bank companies.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS