Armenia and the world crisis

President Sarkisian of Armenia suggests that Armenia’s anti crisis plans differ considerably from those of other countries. Of course Armenia has less potential than the US, Russia and European countries but it is doing its best to support local entrepreneurs and give them a chance to develop their businesses.

Sarkisian suggested that it is not profitable to support enterprises which produce non- saleable products. However enterprises which bring in at least 1 % profit should carry on working.

The world economic crisis influences Armenia in a very particular way. Armenia has a huge diaspora, as around 2/3 of Armenians live abroad, and these people support their relatives inside the country with money transfers. These transfers have decreased dramatically due to the crisis. Many Armenians also work in Russia as seasonal workers, but due to the economic crisis many of these currently stay at home.

Sarkisian also highlighted presence of Russia in the region and in Armenia in particular. He highlighted the importance of Russia as a mediator in resolving the Karabakh conflict. However the President’s observations were made on April 10, and just ten days later Armenia became the target of severe criticism for its decision and participate in the NATO-sponsored trainings due to be held in Georgia from the beginning of May.