Armenian economist: Armenia not to avoid two-digit recession

He said economic downturn will go on and  if Armenia could provide at least 0% of GDP in 2010, it will be the best forecast. 

“I am not one of those economists who predict that the economy will revive by the end of this year. I would be happy if we will have 0% economic growth by mid- 2010,” he said.

Manaseryan also added much must be done in order to achieve 0% rate of GDP.

In this context Manaseryan noted that conservative estimates of the economic downturn in Armenia will have double-digit rate - 10% or more at an annualized pace. He recalled that the forecast of GDP at the beginning of the year was more optimistic and some predicted it will improve by the end of the year. But he said Armenia will not be able to avoid two-digit figure.

Manaseryan also noted that diagnosis has not yet been made into the crisis, but it is early to make predictions as to at what stage of a crisis Armenia faces.

In addition, the economist said “it is necessary to identify the cause of the disease of Armenia's economy in isolation from the world crisis.” “I am deeply convinced that without addressing our domestic problems, we will stay behind and will not be able to overcome the crisis in the Armenian economy,” he said.

/PanARMENIAN.Net/