The Armenian National Assembly launched hearings for 2012 state budget.

According to a member of ruling Republican Party of Armenia (RPA), the government’s financial-economic policy succeeded in mitigating the consequences of global crisis.

“Results observed in Armenia’s economy over the last years prove the country has returned into the stage of sustainable development,” Gagik Melikyan told a news conference in Yerevan.

“Armenia’s GDP grew by 5,5% in 2011, against the pre-crisis year of 2008,” the MP noted.

“In 2011, 49% of the budget will be allocated to social expenditures, with increase in budget income through major businesses expected,” Melikyan said.