Tigran Sargsyan: In 2012 economic growth makes 7%

YEREVAN, OCTOBER 3, ARMENPRESS: The year of 2011 was crucial for the Republic of Armenia. It was announced at the session of the National Assembly of Armenia on October 3 by the Prime Minister of Armenia Tigran Sargsyan during the state budget performance report 2011 of the Republic of Armenia. He stated that there was a necessity to provide for a continuous economic growth.

"After the deep collapse in 2009 we developed and implemented an anti-crisis policy. In 2010 we recorded that it gave positive results, particularly we had economic growth and improved the economic growth indicators", - stated the Prime Minister of Armenia.

He highlighted that the trends of that growth continue in 2012 as well and at this moment it made about 7%.

Another peculiarity of the previous year, according to Tigran Sargsyan, was the expectations for high inflation. Inflationary pressures were conditioned both by the local and foreign factors.

"In 2009 we implemented expansionary policy adding to the state budget deficit and attracting financial funds, which were in the first place directed to the completion of social obligations of our country and without reducing the social expenses we increased the pensions and benefits", - stated the Prime Minister of Armenia Tigran Sargsyan.

Besides, the large-scale infrastructural programs and the strict price policy emerged due to the more than 7% deficit of the state budget would have had their impact on the inflationary developments and pressures. Afterwards it became clear that we should pass to the stage of reduced inflationary pressures.

According to the Prime Minister of the Republic of Armenia Tigran Sargsyan, the new policy enabled to considerably reduce the inflationary pressures. In 2010 instead of 2% of the economic growth 4,6% of growth was recorded in 2011. The Armenian Government kept the improvement of the business environment in the center of attention as well, in which there are still problems to be settled.