All the pessimistic forecasts for the economic downturn have come true, the former Chairman of Central Bank of Armenia Bargrat Asatryan stated at a Dec. 10 meeting with journalists. At 2009 end Armenia will register a 15% economic decline, he said, summing up the current year’s economic results. “It is the worst economic decline within the recent years. GDP made U.S. $12bn in 2008, and is U.S. $8bn in 2009. Armenia registered the same downturn in 1992 when the country was engaged in large-scale military activities and blockaded,” Asatryan said noting that everyone should draw necessary conclusions.

According to him, the global crisis cannot so severely affect the economy. “It is the consequence of the recent years’ state policy.”

L.A.