Unemployment - Armenia’s number one problem?

The Armenian budget for 2009 does not take into account the world financial crisis, says former head of the Armenian Central Bank Bagrat Assatrian, now in opposition. He says that this budget was submitted to Parliament in July and August and adopted in October and therefore does not include any concept of operating within a global economic crisis.

Assatrian thinks that the economic situation will deteriorate in 2009, because the country artificially maintains the Drum (national currency) rate against the USD. He also thinks that the number one problem in 2009 will be unemployment. He considers Armenian nationals now working in Russia will also face serious problems and will be forced to return home.

MP Vardan Bostanjian however thinks the Armenian economy is in compliance with the demands of the current international situation. According to him amendments of the customs and taxation codes are envisaged.