Tigran Jrbashyan, Ameriabank’s Development Department Director, forecasts economic downfall in all CIS and Eastern European states. According to the expert, the situation in Armenia is accounted for by the economy’s disproportionate structure: “Naturally 50-60% of a country’s economy depends on one sector, i.e. construction, crisis impact is more crucial than in countries with diversified economic structure,” he said, bringing the example of Russia where economy is entirely dependent upon oil and gas export.
Nevertheless, Jrbashyan expressed hope that the Government’s anti-crisis program will help overcome the crisis impact. “In comparison with other Eastern European states, Armenia has a big ‘air bag’ – low level of foreign debts with respect to GDP. That makes us good borrowers, and others are ready to pay us credits,” he added.
To this we should add national currency devaluation recorded in March.
In September, it will be possible to assess the situation in Armenia, based on third quarter results. Jrbashyan finds that Armenia will inevitably face economic recession, but the question is in what way.
“Ameriabank” CJSC is an investment bank rendering corporate, investment and various other services in the form of a complex package. The company’s strategic partner is “Troyka Dialog’, one of Russia’s biggest investment bank companies.
