Economic growth difficult, but possible to ensure - Garegin Nushikyan
Lower key economic indicators throughout last year and released data are evidence that economic growth will be difficult – but not impossible - to ensure, Garegin Nushikyan, an MP of the ruling Republican Party of Armenia (RPA) and member of the Standing Committee on Economic Affairs, told Tert.am.
Armenia’s government planned 4.2% economic growth for 2015. The Central Bank of Armenia (CBA) forecasts 04%-2% economic growth. The World Bank forecasts 3% economic growth for Armenia.
“It is too early to make any forecasts. Just two months have passed, and it is wrong to base forecasts on a decrease in money transfers alone, given the fact that the situation in Russia is stabilizing as well,” Mr Nushikyan said.
The CBA reports a 41.08% decrease in money transfers to Armenia this January as compared with last January, with a 60% general decrease registered.
The situation is critical, but Armenia is not the only factor.
“The government is doing its best. There is a crisis, but not only here, but also in the entire region, throughout the world, in Europe – and not only economic crisis, but also a political crisis. We are going through hard times, and I think the government is doing its best for us to cope with the situation with credit,” Mr Nushikyan said.
Speaking of the instruments, he mentioned amendments to Armenia’s laws.
“We have adopted quite a good bill on turnover tax. I think it will enable small businesses to intensify their activities. For big businesses we adopted a bill on profit tax. I think it will promote exports.”
Asked about prospects of the Eurasian Economic Union (EEU), Mr Nushikyan said that the problem has nothing in common with the EEU. It has to do with the economic situation in Russia.
“We are well aware of the economic situation in Russia. And our products are not competitive there. So Armenia’s membership in the EEU has nothing in common with it.”
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