At yearend, Armenian authorities will feign nice GDP growth, former president of Central Bank of Armenia Bagrat Asatryan stated, commenting on dwindling GDP rate (4% growth).

“Armenian government’s anticrisis program proved to be nothing but words, with economy staying as unhealthy as it were,” CBA ex-President said, forecasting poverty level increase because of high inflation rate (7,4% in January-July 2010).

Asatryan reported over 20% increase in flour price during the first week in August, with only 10% growth observed in world market.

“A small country like Armenia should have grain stocks prepared to avoid dramatic influence of world price growth on local market,” he noted, adding that grain harvest for the years 2008 to 2010 grossed 415, 375 and 290 thousand tons respectively.

Armenian parliamentarian, Republican Party member Vardan Ayvazyan, however, objected to the above statement, noting that crisis consequences would have been more serious, were it not for government-implemented program. As he pointed out, the government is unable to forecast all natural disasters, laying in years’ stock of grain. “Armenia has sufficient strategic reserves of grain,” he concluded.