Published since 02/04/2000
Published on May 25, 2009
ABEL AGHANBEGYAN: ECONOMIC CRISIS TO LAST 3-3.5 MORE YEARS
- On the initiative of Policy Forum Armenia, an economic forum kicked off in Yerevan today with a goal to find ways to alleviate consequences of the global financial crisis. The events brought together member of Russian Academy of Sciences Abel Aghanbegyan, former president of Russia’s Central Bank Sergei Sleksashenko, former president of Turkey’s Central Bank Fatih Ozatay and other prominent economists. “We should be optimistic. We have overcome many crises. This will not be an exception,” academician Abel Aghanbegyan said. “Crises come and go. We have overcome many crises. This will not be an exception. It will last 3-3.5 more years. We should just be stronger and learn lessons.” “Each month, the governments reconsider forecasts. There is no light at the end of the tunnel but there signs that the crisis will fade gradually. Many in Russia though that the crisis will end in 2009, however, the latest projections showed 2010 will be tensed as well. The GDP will be even lower than in 2009. Only the strongest will survive,” he said. According to him, the crisis helps reduce inflation, what is for general benefit. “Cheap money is another advantage of the crisis,” he said. In respect to CIS countries, the main leverage of crisis management, in Dr. Aghanbekian's opinion, is a small and medium business, which will help to reduce the unemployment rate, improve population's well-being, to grow turnover. The small business is linked to introduction of innovation technologies. "Other leverage is a residential construction and usage of hypothec with cheap loans, which has a multiplicative effect, since every invested rouble brings 5 rubles," Dr. Aghanbegyan said. According to him, devaluation of national currencies occurred in many countries (reached 40 per cent in some countries) has resulted in a sharp decline in imports, up to 45 per cent in Russia, in particular. "Import has left many industries and opened new niches for domestic producers," he said. In Dr Aghabegyan's opinion, import replacement is one of the leverages of crisis management, however import replacement needs to be supported by investments, in order not to surpass exports after crisis is overcome. Besides, export needs to be diversified, and instead of only raw material to export end products. Simultaneously, in Dr Aghabegyan's opinion, innovations and investments into human brains should be encouraged. "We are dealing with reforms in education sphere in Russia, and a part of anti-crisis program is devoted to preparing highly qualified people," he said. "It is very important to remain optimistic during the crisis. We have undergone several crises and will survive in this one" concluded Abel Aghanbegyan.
Headlines for May 25, 2009
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In the fringes of the ‘Light to Armenian eyes’ program the Armenian Ophthalmologic Center (AOP) will provide medical assistance to dwellers of Kotayk, Tavush, Shirak and Lori Armenian regions between ...ARMENIANS ALL OVER THE WORLD TO ELABORATE JOINT GENOCIDE RECOGNITION PLAN
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The OSCE Minsk Group, which is seeking to resolve the Nagorno-Karabakh conflict, has failed to make any progress toward a solution of the dispute, Turkish Foreign Minister Ahmet Davutoglu said late Sunday. ...ARMENIAN-BELGIAN BUSINESS FORUM LAUNCHED IN YEREVAN
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Today newly appointed Norwegian Ambassador to Armenia, Knut Hug (residence in Moscow), presented copies of credentials to RA Foreign Minister Edward Nalbandian. Edward Nalbandian noted that Armenia is ...JIVAN GASPARYAN AND HOVHANNES CHEKIDGYAN AWARDED WITH GOLD ORDERS
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Today in Armenian history- 1441 Meeting in Etshmiadsin at which participated the majority of bishops and priests. The meeting decided to return the seat of the Catholicos of All Armenians to Vagharshapat (Etshmiadsin) where it remains to this day.
- 1918 Start of the three-day battle of Karakilisa (Vanadzor) that ended with a victory of the Armenian armed forces against the Turkish Army.
- 1941 Inauguration of the Armenian pavilion in Moscow's Pan-Union Agricultural Exhibition.
- 1968 Inauguration of the monument to the Battle of Sardarapat.
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