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Central Bank: By 1 April 2016 overdue loans in Armenian banks grew by 22.5% over year

Vladimir Yevseyev: Updated Madrid Principles will not be implemented until the armed conflict is frozen

Mass Media: Bodyguards of Transport Minister detained under case over beating of businessman's son Sergey Abovyan

Stepanakert: The territories the Armenian side lost in April were mostly part of the buffer zone around Nagorno Karabakh

Federica Mogherini says next annual Eastern Partnership Foreign Ministers' meeting will be held in spring of 2017

Seyran Ohanyan has not met with Samvel Babayan

PACE Co-rapporteurs: Those responsible for atrocities in Karabakh conflict zone should be held fully accountable

Expenses of Armenian President's Administration up 10% in 2015

Prime minister: Supply of Russian weaponry to Armenia launched

Serzh Sargsyan and Seyran Ohanyan to discuss Karabakh problem in presidential residence tonight

Two-fold growth of loan restructuring applications registered in VTB Bank (Armenia)

Head of Armament Unit of Armenia's Armed Forces dismissed

Sharmazanov: Genocide of Christians in Ottoman Turkey, IS actions and Azerbaijani aggression have same handwriting

Ex-president of Armenia included in list of candidates for election to the new Board of Directors of JSFC Sistema

Mammadyarov: Status quo in Karabakh conflict may lead to severe military clashes

Trial over case of the cardboard tank that "crashed" into NSS building is still going on

Tatoul Manaseryan: Top power branches have a great number of caterpillars

Штормовой ветер срывал крыши домов и не на шутку напугал жителей Еревана

Armenian President attends ceremony of unveiling of Memorial to Marshal Hamazasp Babajanian

Bostanjyan calls for reducing all expenses having no crucial significance to state

OSCE PA Special Representative for South Caucasus arrives in Armenia

Seyran Ohanyan: Territories lost during April war were part of Artsakh

Armenian Defense Ministry responds to media reports about dismissal of commander of Mataghis regiment

Greek Defense Minister: Nagorno Karabakh conflict should be settled exclusively through peaceful means

Armenia and China discuss issue to boost cooperation

Baku trying to shift responsibility for April flare up in Karabakh onto Armenian side

Azerbaijani armed forces fire at Azerbaijani-Armenian border

Vice Speaker of Armenian Parliament: Due to parity in international statements on Karabakh problem, the peace process has been going round in a circle for nearly 20 years

Criminal case over embezzlement at ENA CJSC sent to court with a crime sheet

On May 21 as many as 112 museums of Armenia to open their doors to visitors from 6 pm till midnight

Average life expectancy for Armenia is 74.8 years, according to World Health Statistics: Monitoring Health for the SDGs

Samvel Farmanyan: Agramunt is not the politician to have any influence on Karabakh conflict settlement

Lydian International: financing package of Amulsar program is approved. Construction will launch in upcoming months

Serzh Sargsyan: April war has once again proved unity of our nation in its pursuit of liberty and protection of independence

Azerbaijan breached ceasefire agreement using various small arms

ACBA Leasing participates in "Week of Economic Capacities" as financial partner

Bako Sahakyan addressed to participants of 2nd forum of Armenian Political Parties launched in Stepanakert

Stepanakert rejects Baku's accusations of alleged use of prohibited shells with white phosphorus

EEU Prime Ministers agreed on establishing common market of petroleum and petroleum products and terms of adopting new common customs code

Armenian president presented to EEU prime ministers latest developments around Nagorno-Karabakh problem

Parliamentary opposition is skeptical about Armenian Prime Minister's intention to fight corruption

Loss of 800 hectares by Armenian side causes stormy debates at Armenian Parliament

Zhirayr Sefilyan says he is ready to assume authority for restoring Karabakh's territorial integrity by force

Dmitry Medvedev: My second visit to Armenia within a month speaks of the high level of the allied relations of Yerevan and Moscow

Beeline Communication Museum to join Museum Night event

Russian foreign ministry: Sargsyan and Putin will probably meet in Astana on May 31

Inhabitants of Garni and Goght demand from Hovik Abrahamyan and Ishkhan Zakaryan to cancel construction of irrigation systems designed for their own needs

PACE Chair: "All conflicts must be solved within the territorial integrity of the countries"

EEU Summit of Prime Ministers due to commence in Yerevan

Nagorno Karabakh disclaims Azerbaijan's allegations

Regional

Armenia's former prime minister: The indicator of the economic growth in Armenia is extremely low for the first half of 2014

  • by Alexandr Avanesov

  • Friday, July 25, 20:23

The indicator of the economic growth in Armenia is extremely low for the first half of 2014 versus the same period of 2013, the former prime minister of Armenia, a member of the parliament from the opposition Armenian National Congress, Hrant Bagratyan, wrote at his "Facebook" page.

He also added that in the first half of 2014 the GDP index was 3,4% versus the same period of 2013. The GDP index was 3,1% for the 1Q 2014. "So, we have just 0,3% "progress" and no economic growth. But how one can compare himself with the former government and say that the situation has improved a little?

The former government was simply a mistake and was drawing the wool over our eyes for 6 years, especially that there was almost no growth in the key branches of economy (industry, agriculture and construction). Export grew by 0.8%, and import - by 1.1%...The highest positive progress is noticed only in the sphere of services",  - Bagratyan said. 

He said that one can strictly assess the activity of the new government at the end of October of the current year, after six month of activity.  "However, today I can say that we were waiting for more but for the three month of activity the government made just a couple of reforming steps. For instance, it has started returning VAT to tourists...But is it hard to develop the economy of the country? We just need equal tax field for everybody. When we say that small and big business are equally taxated, we should understand that a big business has an effect of volume that should be neutralized.  Only after that, the field will become equal. The tax system should be changed fully and immediately. When giving tax privileges to micro business, we do not resolve the problem but worsen it. If there is no business, privileges are senseless. Actually, there is no business, as the tax field has not been equally distributed.

Let's touch on investments and state assistance. Stop relaying only on big plants (external and local) and on philanthropists! The country should be  built by people and investments should be decetralized. We have to attract the funds of millions of Armenians for development of the country through the investment funds and investment banks. The state should help to form clusters  and guarantee minimal profitability of certain strategic investments. Moreover, all the dominating and monopolist companies, banks, telephone operators, "Gasprom-Armenia", Kajaran, Tekhut, Agarak, Kapan. "City", "SAS", etc. should have a status of a OJSC and should be taken to auction at the stock market. Then, financial system should be separated from the state, and Central Bank should stop saving this or that bank and ensuring revenues for the budget.  And finally, local government bodies should have enough funds and should not beg Yerevan for money. I can continue the list. What hinders you to implement all this? Thanks to the reforms made at the beginning of the 90s, we had a double-digit growth for several years. But reserves ended in 2007. Now we need another approach. the previous government did not understand it. But what about the new one?", - Armenia's former prime minister asked. 

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