Armenia Has Not Come Out of Crisis: Bagrat Asatryan

“This year’s first two months have wrapped up, and the economic growth compared to last year has been 3.1%. The problem is whether that growth will be sustainable,” former President of Central Bank of Armenia Bagrat Asatryan said at a press conference today.

According to him, there are controversial viewpoints over this issue.

“Most of the pro-governments circles say that we have come out of the crisis and will live a happy, wealthy life ... Unfortunately, I do not share this viewpoint,” said Asatryan, adding that January and February are usually not active months for the economy, and that it is the total of those months that makes up the 8-9% GDP, while it is not right to draw conclusions based on data from those two months.

“Has our country’s economic policy created those prerequisites which will bring about positive results?” asked Asatryan, adding that the bail-out efforts made by RA authorities last year were aimed at attracting money from abroad and injecting it into the economy.

But according to Asatryan, the consequence of those actions was the “deep downfall.”

“In the first months of 2010, that downfall continues in the construction sector,” said Asatryan, adding that the results of January and February must be thoroughly analyzed.