Published since 07.2002
Published on July 18, 2008
GOOD NEWS BAD NEWS: ARMENIAN ECONOMIC INDICATORS UP, BUT CONCERNS OVER IMPORT/EXPORT RATIO
- Armenia is the leader among Commonwealth of Independent States (CIS) member countries by the index of trade stimulation, according to the World Trade Forum’s “2008 World Trade Stimulation” report. Among 118 countries Armenia is 61st, ahead of Ukraine which is in the 68th position, Azerbaijan (78th) and Russia (103rd). The report published in June studied and analyzed the efficiency of factors on which free flows of commodities between countries are based and evaluated four main areas spheres -- market access, border administration, transport and communications infrastructure and the business environment of the country. Manuk Hergnyan, director of the Economy & Values research center, an Armenia partner of the World Trade Forum competitiveness network, says two types of sources had been used for the research. “First, so-called “gross” sources were used, that is statistics provided by international structures – the World Bank, the International Monetary Fund, etc. And secondly, “soft” data that are collected by means of surveys,” Hergnyan says. Such economic surveys among about 100 enterprises in Armenia were conducted in 2007 by the research center headed by Hergnyan. “We try to involve organizations according to the sector structure of the gross domestic product, i.e. the higher the share of a sector in the GDP, the larger the number of organizations surveyed in that sector. Organizations with foreign capital as well as export-import organizations make a considerable part in surveys.” Market access freedom is one of the higher indexes in the case with Armenia. According to the report evaluation, the economic policies carried out in the country stimulate conditions for foreign products to flow into the country. It means that Armenia is a country with an import-based economy, which, according to economic formula, is not a positive index for the country’s industry or economy. According to the data of the National Statistical Service, commodities worth more than $420 million were exported from Armenia in the first five months of 2008, registering a growth of only 2 percent over the same period of last year. Meanwhile, goods worth more than $1.56 billion were imported to Armenia in January-May 2008, which shows more than a 40 percent increase over the same period in 2007. Simply: Imports exceed exports by almost four times. During a meeting with journalists on July 8, Minister of Economy Nerses Yeritsyan said that the high rates of economic growth registered in the country this year are reflected in Armenia’s foreign balance, since the growth of imports is high – about 40 percent. At the same time, the minister expressed concern over the slow pace of export growth. “In this case it is necessary to analyze the causes of the problem and the main impediments. It is important to direct new investments at encouraging exports as well as correctly evaluate and consolidate the existing potential. It is also necessary to provide assistance to small and medium-sized enterprises that have the goal of extending to international markets,” Yeritsyan emphasized. In the minister’s evaluation, the problems in the sphere are temporary and he is certain that the results of the investments already made to stimulate exports will become evident in the near future, even though solutions proposed with the aim of improving Armenia’s foreign trade balance are of a long-term nature. “These also imply the need for the establishment and development of infrastructures,” Yeritsyan said. The “2008 World Trade Stimulation” report reaffirms the minister’s evaluations, since the most vulnerable results shown by Armenia are the availability and quality of transport (putting Armenia in 89th place), as well as availability and quality of means of information and communication (86th place). According to the same report, Armenia scores low for efficiency of customs administration (103rd) and transparency of the activities of regulating bodies at borders (92nd place). Professor of economy Tatul Manaseryan does not consider legislative drawbacks to be the primary impediment. “The major obstacle to progress of our business environment is not so much imperfect laws as [the absence of] compulsory application of laws, especially related to the tax and customs spheres, for all. The second important circumstance is that, if my memory does not fail me, until today no large businessman has been brought to responsibility for breaking the mentioned laws.”
- Sara Khojoyan
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Today in Armenian history- 1894 Birth of Vahan Totovents (writer). He was murdered by the Soviet Secret Police in 1937.
- 1914 The Central Committees of Taron and Sassoon present the reform program to three embassies in Constantinople.
- 1938 Birth of Perch Zeytuntsyan (playwright) in Cairo (Egypt).
- 1988 The USSR Supreme Soviet, relies on Article 78 of the Soviet Constitution (prohibition of any territorial changes to a Union Republic without its consent) to deny the 1988 02 20 petition by the Autonomous Region of Nagorno Gharabagh to rejoin Armenia.
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