YEREVAN, MARCH 13, NOYAN TAPAN. In modern history of Armenia, 2009 will be the hardest year for the country's economy, the former chairman of the Central Bank of Armenia (CBA) Bagrat Asatrian erxpressed an opinion at the March 12 meeting with reporters. By his forecasts, very high inflation and over 10% economic decline are expected this year. B. Asatrian said that the 20% economic decline recorded in the 4th quarter of 2008 bore evidence of the trends expected in 2009, and both the government and the National Assembly were well aware of it. However, a state budget envisaging a considerable economic growth and a socioeconomic development program were approved despite this fact. In his opinion, the growth in power and gas tariffs from April will cause a chain reaction of a rise in prices of other goods, with the volume of that reaction being hardly predictable. The speaker noted that the global financial and economic crisis has not yet left a considerable impact on Armenia, and its consequences will become most noticeable in the country from the autumn of 2009 to the spring of 2010. In particular, according to B. Asatrian, a fall in remittances is expected, which has not been recorded so far.

---