Yerevan/Mediamax/. Head of “Economy and Values” Research Center Manuk Hergnyan believes that positive structural changes are noticeable in Armenian economy, and the decline in the sphere of services was compensated for by growth of industrial production.

In an interview to Mediamax the expert noted that growth of export, which takes place faster, than growth of import, is also a positive tendency.

Manuk Hergnyan noted that decrease of investment activity because of unstable situation and expectations, which, in their turn, are related to the political cycle, also play an important role in the slow-down of economic growth. “As a rule, the closer the elections, the lower investment activity”, expert stated.

He did not rule out the possibility of serious influence of the monetary-credit policy on deterring of the economic growth, however, he noted that it functions only after some time, and, consequently, cannot yet be fully reflected in the economic indices, registered in March.

“I believe that in Armenia the monetary-credit policy in terms of deterring inflation is not very efficient, since the monetary-credit mechanism is not as effective in Armenia as it is in developed countries. And toughening of the policy has direct influence on credit activity”, Manuk Hergnyan said.

According to the expert, the post-crisis revival of the Armenian economy is very slow, and this is related to the fundamental structural problems of the country’s economy.

“In the course of 10 years prior to the crisis, fast growth of economy was taking place, however fundamental structural problems of the economy were not being solved. These problems revealed themselves during the crisis”, Head of “Economy and Values” Center said.