“Despite a 14.2% economic slump, our anti-crisis measures produced results and helped alleviate social hardships and secure job opportunities. True, Armenia’s state debt increased, reaching 36% of the GDP. The funds were spent to cover budget expenses, implementation of social reforms and improvement of business environment. The crisis helped reveal the drawbacks of Armenia’s economy, specifically, the low level of diversification. Other important tasks for the government are to secure competitiveness, to accomplish tax and customs reforms and to create free trade zone at Zvartnots International Airport,” he said.

“Reforms are essential to modernize our economic system. Establishment of the institute of statutory audit for major companies will make our economy more transparent and will facilitate the activity of the State Revenue Committee. Moreover, introduction of ‘one-desk’ principle for enterprise registration will considerably improve the business environment,” the Prime Minister said.

He also pointed out to the projects to be implemented in the real sector, these including construction of a new unit of the nuclear power plant, North-South highway, Meghri hydropower plant, establishment of an oncological center and reconstruction of Tatev monastery.

PM Sargsyan concluded saying, “The above-mentioned projects will help resolve problems detected in 2009. A 7.2% economic growth was already fixed in January-April 2010. The government believes that the 2010 indices will exceed expectations.”