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Armenian president: Last year was full of problems for Armenian economy

23 December 2009 [13:11] - TODAY.AZ
The past year has been a hard one with numerous problems for the Armenian economy, Armenian President Serzh Sargsyan stated at his meeting with Armenian businessmen.
He said each businessman had to deal with the crisis-caused unfavorable conditions, consider the human factor and realize their social responsibility to employees and their families.

“I know the decision you made did not meet classical rules of business. Decisions were often made in the interests of your employees, not for business development, the aim being to avoid staff reduction to the highest extent possible,” the Armenian leader said.

President Sargsyan pointed out that cooperation with the government prevented the worst social shocks.

“Looking back on the past year and dwelling on the behavior of each of the businessmen present here, one can state with confidence that a business class is being formed in Armenia aimed at creating a weighty business style rather than at getting instantaneous gains. This class is a foundation of every economy."

"Some might think that challenges like these would reduce business activity. Yes, we have registered an economic decline, but not a decline in our search of new ways,” Sargsyan said.

The Armenian president said that the latest macroeconomic figures allow to predict economic prospects.

The Armenian president stressed that Armenian businessmen have always been “keen-witted,” and the economic crisis proved to be a test for their “keen wit.”

"Specific results have been registered this year," the Armenian president said.

He also noted certain progress in the banking system’s assistance to small and medium businesses.

Sargsyan pointed out the need for further cooperation with the Armenian government next year.

“All of us are well aware that the coming year is a year of hard work. The coming year must become a year of revival,” the president said.

He expressed hope that the government will contribute to this process.


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