AUTHORITIES EXPLAIN WHY FORBES RANKED ARMENIA AMONG WORST ECONOMIES

news.am
July 7 2011
Armenia

YEREVAN. – American Forbes magazine placed Armenia among the weakest
economies of the world, a fact that caused much confusion in the
midst of Armenian ruling elite.

During his meeting with journalist in Gyumri the Speaker of Armenian
Parliament Hovik Abrahamyan stated that Prime Minister Tigran Sargsyan
must respond to this information. However the expected response
came from the Minister of Finance Vache Gabrielyan. He explained
that Forbes estimation is based on indicators for economic growth,
inflation and current account deficit for the past three years. Since
2009 saw significant deterioration of these figures, the rating of
the country decreased correspondingly.

“I do not mean to say that Forbes rating has nothing to do with the
reality, however this is quite snap estimation, which could never
linger for the coming year since we register a price fall and economy
growth tendency,” said the Minister.

Note that three post Soviet countries appeared in Forbes World’s
Worst Economies list- Armenia (2), Ukraine (4) and Kazakhstan (7).

From: Emil Lazarian | Ararat NewsPress