Yerevan, December 3 /Mediamax/. Chief Economist of the European Bank for Reconstruction and Development (EBRD) Erik Berglof stated in Yerevan today that Armenia preserves high economic growth indices, but a decline of reforms speeds is noticeable in the country.

Mediamax reports that, speaking at the presentation of EBRD report on the process “Life in transition period 2007”, Erik Berglof stated that the stable growth of the Armenian economy is assisted by direct foreign investments and the intensive development of construction, which is funded mainly at the expense of money transfers from abroad.

The data of the report evidence that, as compared to other countries with transition economy, the salary in Armenia remains low. A serious problem also remains the low collection of taxes, the EBRD representative stated.

The Chief Economist of EBRD believes that, to increase the reform speeds, the Armenian authorities should improve the quality of state service, invest financial means into the human capital and not to neglect the “know-how” of the private sector.