Armenia has room to double its planned economic growth in 2010

Armenia has room to double its planned economic growth in 2010
ARKA, 25.02.2010

Armenia can enjoy two times higher than the economic growth planned for 2010, if uses natural and human resources properly, Tatul Manaseryan, adviser to Armenian Parliament Speaker, said Thursday at a press conference.

“I think that 1.2% is quite modest outlook. Armenia has greater room for stabilizing and developing its economy,” he said.

Armenia, like the entire world, has overcome the peak of the economic crisis, though it is still early to speak about a rally.

Manaseryan finds it important to distinguish between objective circumstances, such as the global economic crisis, and local problems that drove the national economy 14.4% down in 2009.

“It would be wrong to think that this decline was caused only by outside pressures.”

The lawmaker thinks that to remedy the situation Armenia should create free economic zones, ease tax burden and set border zones for free trade.

According to National Statistical Service of Armenia, the country’s GDP grew 2.4% in January 2010, compared with the same month a year before, but reduced 60.5%, compared with December 2009.

Armenia recorded 14.4% economic decline in 2009.

In the 2010 state budget, GDP growth is planned at 1.2%. ($1 = AMD 382.41).