Inferiority of the financial market hinders development of Armenia’s economy, AEPLAC representative believes

19.11.2008 | 14:32 Home / News / News /

Yerevan /Mediamax/. The highest speed indices of national currency appreciation in Europe## and CIS were registered in Armenia in 2007.

Mediamax reports that the Head of Armenian-European Economy Policy and Legal Advice Center (AEPLAC) Economy Group Gagik Gabrielyan said this today, presenting the report on “Armenia’s Economic Developments in 2007”.

According to the report, AMD appreciation against USD in 2007 made 24%.

Gagik Gabrielyan noted that AMD appreciation is one of the main reasons for increase of negative balance of Armenia’s trade turnover, which in 2007 made 20% of the GDP. Among other reasons of export reduction and low competitiveness of Armenian goods abroad, Gagik Gabrielyan named the numerousness of exported goods, their low manufacturability, focus on raw material export and absence of excellent financial tools.

“The main problem, hindering the development of Armenia’s economy, remains the inefficiency and inferiority of the financial market”, Gagik Gabrielyan stated. He explained that, despite the reduction of credit interest rates in Armenia during the recent years, the difference between credit and deposit interest rates in 2007 increased for 0.5%, making 11.2%, which is one of the highest indices in the world.

Analyzing the GDP structure, the rapporteur noted that construction remains the locomotive of Armenia’s economic growth, but the growth speeds in the given sector in 2007 reduced. “If in 2006 the construction speeds increased for 37.7%, securing over half of GDP, in 2007, the growth speeds in the given sector already made 18.6%, securing one third of the GDP”, Gagik Gabrielyan stated.

According to him, the main task for Armenia at the given stage is the transformation of economic growth into economy development, which requires changing the structure of the latter, a higher level of institutional efficiency, effective use of financial means and new approaches to cooperation between the state and the private sector.

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