YEREVAN. – As of coming January, a downsizing process is expected in several large companies in Armenia, as a result of which numerous workers may be fired from their jobs, Haykakan Zhamanak daily reported.

“It is not known how many people will become unemployed.

“Moreover, the word is about the ‘top class’ companies: communications, banks, etc.

“The revenues of these companies have drastically reduced and continue to reduce. For this reason, they have to cut down their expenses.

“[But] several companies plan to put the emphasis not on the option of reducing the number of employees, but reducing the salaries.

“Note that, even with official data, the unemployment rate in Armenia has substantially increased during the passing year,” Haykakan Zhamanak wrote.