Stabilization of Armenian economy does not mean that the crisis is over, WB Yerevan Office head believes

26.02.2010 | 14:15 Home / News / News /

Yerevan/Mediamax/. Diversification of Armenian economy is necessary in order to stir it up.

Mediamax reports that the head of Yerevan Office of World Bank (WB) Aristomene Varoudakis said this at a news conference today.

According to him, the government is already realizing the corresponding steps, in particular, on developing tourism and healthcare.

“The World Bank welcomes the steps of the government; however more resolute steps are necessary, which will lead to eradication of oligopoly”, Aristomene Varoudakis stated.

Speaking about economic growth of 2.2%, registered in January, 2010, head of WB Yerevan office noted that it evidences stabilization of Armenian economy, but it does not mean that the crisis is over. He stressed that Armenia will need 3-4 years to return to the level of 2008 as to economic growth. According to him, WB forecasts economic growth in Armenia following the results of 2010 at the volume of 2%.

Touching upon the level of Armenia’s state debt as compared to GDP, Aristomene Varoudakis noted that following the results of 2010 it will make about 50% of GDP. According to him, this is not a dangerous index, since the majority of loans are provided for the term of 25 years with the period of grace of 10 years. He believes that the most important is to have improved the process of collecting taxes by the time we will have to repay the loans.

Commenting on the possible opening of Armenian-Turkish border, Aristomene Varoudakis noted that it will open significant opportunities not only for Armenia, but also for the entire South Caucasus region. According to him, WB supports any initiative, which contributes to interborder trade.

“This will attach an impulse to diversification of Armenian economy, will reduce transport expenses, and will increase the competitiveness of Armenian goods”, Aristomene Varoudakis stated.

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