Armenia Budget 2010: Expenditures are cut
Discussions over the draft state budget for 2010 is being held these days at the Armenian National Assembly (NA) with some economists describing the draft document as weak and detached from the reality.
Economist Bagrat Asatryan, former chairman of the Central Bank of Armenia, notes that everybody speaks about expenses, whereas the topics for discussions must be revenues.
The State Budget 2010 envisages revenues of about $1.8 billion, expenditures of $2.2 billion.
Asatryan agrees that economic growth is possible, however, it is rather relative, and it does not mean at all that economy is being recovered. “It is simply relatively less worse as compared with the previous much worse.”
Reminding about the 18.3 economic decline so far this year, which was mainly noticeable in the construction sector, and later in the industry, the economist did not exclude that this year a slight activation in the volumes of the spheres are possible, however for the next year he envisages decline in the trade and service sector.
“During the first nine months of the year we even had growth in this sector (trade and services), which reminds a paradox, but it was obtained thanks to the consumption of the administrative resources of the government, which can have a short-term effect. The volumes of export and import will be decisive for the upcoming year, where we are going to register an essential growth,” Asatryan says.
Source: ArmeniaNow – Original Article
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Let us see what will happen. All I see that Armenia is going backwords more and more.