Yerevan /Mediamax/. Armenian CB expects the economic decline in 2009 to make 7-8%, Deputy Chairman of the CB Vache Gabrielyan said this in Yerevan today.

Mediamax reports that, speaking at the international economic forum in Yerevan today, Vache Gabrielyan accounted the slow healing of Armenian economy by the fact that the credit means, provided to Armenia by international organizations, are instilled with difficulty in the real sector of economy because of expectations of the managing subjects.

The Ex-Chairman of Armenian CB Bagrat Asatryan, who was present at the Forum, criticized the authorities for “delayed reaction” to tendencies in the world economy. According to him, the first positive changes in Armenian economy will take place in 2011 “at best”.

“For the healing of Armenian economy, we need system reforms and clear-cut anti-crisis program of the government without such “illusionary” programs, as establishment of a regional financial center or construction of Iran-Armenia railroad”, Bagrat Asatryan stated.

According to him, the policy of the Central Bank should be maximum transparent for economic subjects, “and the crisis simply obliges CB to renounce the policy of targeting information and to return to the policy of targeting monetary aggregates”. 

Ex-Minister of Economy Armen Yeghiazaryan stated that “anti-inflation dogma” has led Armenia to loss of competitiveness in external markets. He also noted the necessity of a change in the psychology of the Armenian society, “which consumes a few times more than produces”.