Armenian economist positive about economic growth

An effective use of the existing resources and potentials is likely to secure a double-digit economic growth for Armenia, an economist has said, commenting on the prime minister’s recent statement promising a higher growth than expected.

Speaking to Tert.am, Tatul Manaseryan expressed his full support to the premier’s positive forecast. “I believe that the prime minister has made a very realistic prediction; what is important now is to develop a realistic understanding and make an appropriate use of the resources to record an economic growth” he said. 

Asked to comment on the negative forecasts linking the economic situation in Armenia with the anti-Russian sanctions, the economist warned against searching for too much dependence upon Russia. He called for taking a more sober approach to the issue to rule out the understanding that Armenia is a part of that country.

The economist noted that the slump in the Russian the Ruble back in 2014 produced practically no impact on Armenia as the appreciation of the national currency, the Dram, helped save the situation. “The [US] Dollar’s appreciation was to the disadvantage of all the currencies, including those in the post-Soviet countries,” he said.

Manaseryan further warned against attributing too many things to Russia. “The Russian market and the cooperation with the Russian Federation is very important to us but never decisive. Armenia has its own image and unique character,” he added.

Asked whether he thinks that the authorities will be able to secure the 4.1% growth target outlined in the State Budget, Manaseryan said his expectations are even higher. “I expect more; the 4.1% can be the minimum target. Armenia is obliged to mobilize its potentials. The world economy is amidst very dynamic processes, so if we are not able to ensure favorable conditions and re-position ourselves against the backdrop of the economic downfall in developed countries, it will be very difficult to compete with countries facing an economic upswing,” he added.

The economist said he finds that a decision to buy equipment and technologies from developing countries’ non-operating companies would be an effective solution securing an economic progress. Meantime he admitted that those companies too, may not agree to such a deal for fear of facing a new competitor in future.  Manaseryan said he has proposed lifting import customs tariffs for the above type of products.

“I pointed out to only one trend, but there are numerous other methods to secure not only an economic growth but also a real development for Armenia. It is just necessary to be a little bold to react to the developments adequately,” he added.