Yerevan/Mediamax/. Change in Moody’s forecast won’t exert a tangible impact on the Armenian economy, Director of “Armenbrok” Investment Company Aram Kayfajyan told Mediamax today.

The expert stated this commenting on Mediamax’s request on lowering of Moody’s forecast from “stable” to “negative” conditioned by slowdown of economic growth rates in Europe and Russia.

According to Aram Kayfajyan, the changes in the forecast may result in difficulties with attracting funds both for the state and private companies and banks but it won’t exert a tangible impact on the economy as “this index is paid much attention to by investors and their number is extremely limited in our country. Besides, Armenia and Armenian companies don’t have sovereign Eurobonds”.

However, the expert thinks lowering of the forecast of Armenia’s rating justified. “In such issues, a subjective approach is always possible but I also think that limited economy diversification, high dependence from external factors, international prices for metals and transfer flows as well as negative balance of the foreign trade balance  indeed pose risks for maintaining stability of the economy”, said Aram Kayfajyan.

Commenting on the opinions on more readiness of the Armenian economy for the new crisis wave, Aram Kayfajyan said that he doesn’t agree with them “as dynamics and spheres of economy have changed as compared to 2008”.

“Economic growth rates have been much affected by prices for metals, transfers and trade turnover with Russia so far. And the volume of all these factors always undergoes a sharp decline in case of global crisis and instability”, concluded Armenbrok Director in his interview to Mediamax.