Gagik Minasyan: Armenia’s economy enters stable development phase

YEREVAN, OCTOBER 8, ARMENPRESS: Armenia’s economy left the crisis behind and has entered stable development phase, chairman of the NA’s finance-crediting and budget affairs standing committee Gagik Minasyan said, noting that during the 8 months of the running year in a number of spheres quite positive indexes have been registered.

“For smoothing the consequences of the global economic crisis a number of measures have been undertaken by the state. As a result, good opportunities have been created for ensuring economic growth. In many countries if the salaries, social allowances were being cut, in Armenia vice versa which though caused increase of the state debt,” Gagik Minasyan said.

With the 2011 draft budget it is planned to reduce the amount of the debt which he said is a very important issue. The draft budget intends 4.6% GDP growth.

“This year the GDP was intended to grow by 1.2% but all prerequisites exist for exceeding this index and enter stable development phase,” Mr Minasyan said.

The draft budget also registers increase of salaries of the employees of the cultural sphere by 15%, increase of pensions by 10%, allowances by 18%. The draft budget also releases 1 billion AMD more for the development of science.

Funds are also intended for development of Artsakh.