Former chairman of the Central Bank of Armenia (CBA) has voiced fears regarding the second wave of the global crisis, deeming 2012 an unproductive year for the development of world economy.

Commenting on Armenian economy, Bagrat Asatryan highlighted the influence of Russian economy, which expects 4 % growth in 2012, and, consequently, rejected serious economic tensions for the coming year.

“If the current financial inflow is maintained, the volume remittances in Armenia will reach pre-crisis level in 2012,” he said at November 4 press conference.

Mr. Asatryan noted that Armenia will see 4,2% economic growth in 2012; with 2-2,5% growth in construction industry.

Dwelling on quality of life of the Armenian population, he noted that it will worsen due to the global rise in prices.