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26.02.2010 17:58
 Siranush Muradyan
“Radiolur”
Diversification of Armenian economy is necessary in order to stir it up, Head of Yerevan Office of World Bank (WB) Aristomene Varoudakis told a press conference today.
According to him, the government is already realizing the corresponding steps, in particular, on developing tourism and healthcare.
“The World Bank welcomes the steps of the government; however more resolute steps are necessary, which will lead to eradication of oligopoly,” Aristomene Varoudakis stated.
Speaking about the 2.2% economic growth registered in January, the head of WB Yerevan office noted that it speaks about the stabilization of Armenian economy, but it does not mean that the crisis is over. He stressed that the Armenian economy needs 3-4 years to return to the level of 2008. According to him, WB forecasts economic growth in Armenia following the results of 2010 at the volume of 2%.
Touching upon the level of Armenia’s state debt as compared to GDP, Aristomene Varoudakis noted that following the results of 2010 it will make about 50% of GDP. According to him, this is not a dangerous index, since the majority of loans are provided for the term of 25 years with the period of grace of 10 years. He believes that the most important is to improve the process of collecting taxes by the time we have to repay the loans.
Touching upon the possible opening of Armenian-Turkish border, Aristomene Varoudakis noted that “it will open significant opportunities not only for Armenia, but also for the entire South Caucasus region.” According to him, WB supports any initiative, which contributes to interborder trade.
“This will attach an impulse to diversification of Armenian economy, will reduce transport expenses, and will increase the competitiveness of Armenian goods”, Aristomene Varoudakis stated.
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