Remittances to Armenia will decrease because of economic<br /> crisis, Armenian deputy minister of finance admits<br />


Remittances to Armenia will decrease because of economic
crisis, Armenian deputy minister of finance admits

  • 18-12-2008 15:30:00   | Armenia  |  Economy
YEREVAN, DECEMBER 18, NOYAN TAPAN. The negative consequences of the global economic crisis will affect the socioeconimic state of Armenia first of all due to a growth in raw material prices, the RA deputy minister of finance Vardan Aramian stated during an international TV bridge organized at Novosti-Armenia information center on December 18. He added that another consequence of the crisis will be a decline in prices of goods and services in the world, as a result of which Armenia's exports will suffer. And finally, according to V. Aramian, the crisis will be dangerous for Armenian people because remittances from abroad will considerably decrease. In the opinion of Ukrainian economist Oleg Ustenko, the global economic crisis will cause positive changes as well, the most essential of which is that the economic imbalance among CIS member states will decline. The negative consequences of the crisis in these counrtries will especially affect the banking systems. In the words of O. Ustenko, the state should first of all protect tax payers, vulnerable groups and depositaries. The deputy minister of economy of Moldova Yuri Muntian said that the policy of liberalization of economy adopted by the government will play a great role in withstanding the economic crisis in their country. The head of the Social Policy Center of the Institute of Economics of the Russian Academy of Sciences Yevgeni Gontmakher announced that with the aim of reducing the consequences of the economic crisis in Russia, a decision was made not to take back the apartments from those who have received mortgage loans, until they pay for their apartments. However, according to him, a considerable growth of unemployment is inevitable in any case.
  -   Economy