LOWEST GROWTH IN PRICES REGISTERED IN ARMENIA
Yesterday in Tbilisi Chief Councilor of IMF Middle East and Central Asia department David Owen introduced the a report on regional finance. The main idea of the IMF report was that the economy of the region is growing continuously at a high rate, which brings forth necessity of reduction of growth in prices.
According to the International Monetary Fund representative, Caucasus and Central Asia are one of the most swiftly developing regions in the world. It is prognosticated that average GDP growth will make up 13% this year in those regions. High economy growth rates in Azerbaijan, Kazakhstan and Uzbekistan depend on the oil factor. Kyrgyzstan and Tajikistan provide high economy growth due to foreign financing and infrastructure programs. Armenia and Georgia, which do not possess oil resources, also have impressive economy growth rates due to essential reforms.
David Owen pointed out high rates of global growth in prices in the region caused by swift growth in prices for foodstuffs. Average growth in prices in the region has made up 12% and it is predicted to grow even more by the end of this year. Owen informed that in Kyrgyzstan and Tajikistan price growth rate is drawing near 20% and noted that only in Armenia it is preserved at 5% due to flexible currency exchange rate policy.
The IMF expert also said that the structures controlling the economy policy cannot prevent the shock promoted by the growth in foodstuffs prices, but they have to do everything to avoid its impact on the whole market.
He said that many countries have the opportunity of toughening the finance crediting policy by increasing the interest rates and decreasing the interference to foreign currency market. At the same time it is necessary to implement careful taxation and budget policy so as to provide reduction of demand pressure and of the national debt.
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- 1830 Birth of Rafael Patkanyan in New Nakhichevan (Rostov, Russia). He died in 1892.
- 1851 The Gabriel Tamamshyan Armenian theatre is created and named for its architect. It operated till October, 1874.
- 1877 The Mariamyan-Hovnanyan Girl's School opens in Tbilissi (Georgia).
- 1881 Opening of the parish school of New Nakhichevan (Rostov, Russia).
- 1928 Inauguration of the Cattle-breeding Institute of the Transcaucasus in Yerevan.
- 2000 The French National Assembly recognizes the 1915 Genocide of the Armenians in the Ottoman Empire.
- 2000 Armenias request for admission to the Council of Europe in approved.
- 2000 The French Senate passes a resolution on the 1915 Armenian Genocide.
- 2001 Death of photographer Malak Karsh of Ottawa. He was the brother of Yusuf Karsh (portrait photographer), and was famous for his photograph of the Canadian Parliament on the Canadian one-dollar bill. He was born in 1915.
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