Government-projected growth of 4.5 percent is insufficient, economist says
31.10.2017,
15:58
The government-projected growth of 4.5% for 2018 is not sufficient, the chairman of the National Union of Employers of Armenia Gagik Makaryan said today.
YEREVAN, October 31. /ARKA/. The government-projected growth of 4.5% for 2018 is not sufficient, the chairman of the National Union of Employers of Armenia Gagik Makaryan said today. Speaking to reporters he said Armenian citizens will not feel the impact of economic growth unless it is 9-10%. ‘Our economic reserves are exhausted to such an extent that we can not recover them with such figures. Otherwise, we will need much longer time," he said.
According to the economist, it is extremely important for the government to continue the reforms initiated.
"We need to continue working to improve the business environment, we need to boost the fight against corruption, ensure a level playing filed, and increase exports. The example of small countries shows that Armenia can not develop even under ideal conditions; we need to enter foreign markets with quality new goods," said Makaryan.
Also, according to the economist, Armenia needs to diversify its exports, as sanctions against Russia, Armenia’s major trade partner, will persist and could have a negative effect on Armenia.
The draft budget for 2018, approved by the Armenian government on September 28 calls for 1 trillion 307 billion drams in revenues and 1 trillion 464.2 billion drams in spending. The deficit is projected at 156.8 billion drams. ($ 1 - 482.36 drams). -0-
According to the economist, it is extremely important for the government to continue the reforms initiated.
"We need to continue working to improve the business environment, we need to boost the fight against corruption, ensure a level playing filed, and increase exports. The example of small countries shows that Armenia can not develop even under ideal conditions; we need to enter foreign markets with quality new goods," said Makaryan.
Also, according to the economist, Armenia needs to diversify its exports, as sanctions against Russia, Armenia’s major trade partner, will persist and could have a negative effect on Armenia.
The draft budget for 2018, approved by the Armenian government on September 28 calls for 1 trillion 307 billion drams in revenues and 1 trillion 464.2 billion drams in spending. The deficit is projected at 156.8 billion drams. ($ 1 - 482.36 drams). -0-
