Yerevan /Mediamax/. Economic growth in Armenia in 2009 “will at best make zero”, Head of World Bank (WB) Yerevan office Aristomene Varoudakis stated in Yerevan today.

Mediamax reports that, talking about crisis prevention measures of the Armenian government, Varoudakis expressed negative attitude towards the policy of import substitution. “Many other countries take up such measures, but this only prolongs the terms for reestablishment of the economy”, Aristomene Varoudakis stated. According to him, the goods, imported to Armenia, do not make serious competition to the local ones anyway, and toughening of import will lead to increase of inflation and the government will face aggravation of social problems.

Aristomene Varoudakis also criticized the state assistance to companies, “which experience difficulties because of fall of demand for their production”, noting that if the demand is not restored, the companies will again face financial difficulties, the government will be unable to implement the state budget.

Aristomene Varoudakis also expressed wish that the Central Bank of Armenia carries out policy of flexible currency exchange rate in future.