Ninke Omes: On regional scale, Armenia is a country with rapid economic growthNovember 12, 2009 - 18:05 AMT PanARMENIAN.Net - During the 5 years preceding crisis, Armenia's economy fixed two-digit growth which was quite a rapid rate on regional scale, IMF permanent representative to Armenia Ninke Omes said. Such growth, in her view, was mostly observed in construction sphere. "Investments in construction were mostly made by foreign states, especially Russia, and partially directed at immovable property acquisition," she added. "Besides, Armenian national currency fixed 20% growth annually, attracting foreign investors," IMF permanent representative stressed, noting in the meantime that crisis reduced investments, causing a sharp drop in immovable property prices. "Now that construction was reduced by 50%, the sphere makes up 30% of gross domestic product. This actually causes 15% GDP fall," Omes stated. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. Pashinyan visits flood-hit region Armenian Prime Minister Nikol Pashinyan on Saturday, June 8 visited the disaster area in the Lori province. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. |