AmCham president says there is no threat of default in Armenia
President of the American Chamber of Commerce in Armenia Tigran Jrbashyan has downplayed today a wake-up call, made earlier this month by Armenia’s first post-Soviet president Levon Ter-Petrosian that Armenia may soon face a “real economic disaster” in the form of a “hidden default.”
‘There is no threat of default. In recent years the current account deficit as percentage of GDP has improved. "Three years ago, the figure was 14-15%, today it is 2-3%," - said Jrbashyan.
However, Jrbashyan agreed that today Armenia's economy is under a pressure. "Despite this, the Central Bank possesses enough resources to avoid default," - said Jrbashyan.
He said the problem today is the growing external debt of the country. "This is becoming a major problem if greater economic activity is not secured concurrently ", - the expert added.
According to the National Statistical Service, the current account deficit decreased by $569.78 million in 2015 or 67.1% to $279.30 million. As of the first half of 2016 it fell further to $166.61 million, down 29.6% when compared to the same period of 2015 .-- 0--