The parliament-confirmed draft state budget is a socially-, rather than investment-oriented one; still, it does not offer any solutions to unemployment, low pensions and other problems, the chair of the Union of Armenian Manufacturers said.

As Vazgen Safaryan told a December 7 news conference in Yerevan, on a positive side, the budget envisages allocation of AMD 300 mln to create an industry development foundation.

However, as the expert noted, drastic change is in order in 2013 economic policy, especially where local industry is concerned.

He further predicted a strained economic climate in the country, as well as issued to be caused by a government-imposed tax hike.