Proper work would raise economic growth rates up to 7-8 percent in Armenia – economist
Proper work would raise economic growth rates up to 7-8 percent in Armenia, Academician Abel Aghanbekyan said at an academic conference on problems of economic growth in Armenia.
After being invited to Armenia in 2009 and living in the country for a few months, Mr Aghanbekyan presented his proposals to Armenia’s government, which have not yet been put into practice.
Asked about which of his proposals were approved, Mr Aghanbekyan said:
“Of course, much is being done, but Armenia has slow economic growth rates. I have had several meetings with new premier Karen Karapetyan, and his appointment is hope-inspiring.”
High economic growth rates should be the focus for Armenia to stop economic regress. Economic progress is of critical importance for Armenia.
“Future economic progress depends on the fields investments are made in,” Mr Aghanbekyan said.
Armenia’s economic growth is slower than in other countries, and the government is not playing a satisfactory role in the process.
“Government investments could give impetus to economic progress in a state, but such funds are insufficient in Armenia,” the economist said.
Mr. Aghanbekyan believes that Armenia’s government should do serious work to promote exports as Armenia’s imports are three times higher than exports. The economist calls for reducing imports as much as possible and using the domestic resources.
Aghabekyan also proposed re-operating the manufacturing industries which he said are 35%-40% restorable.
He stressed particularly the importance of preserving the rubber plant Nairit.
The economist also highlighted the need of creating agricultural companies to promote the sector’s development.
He further pointed out to the international economy’s slowing growth as an influencing factor.
“Against the growing weight of debts in the world economy, new surprises may be awaiting us,” he added.
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