Safaryan: Velvet revolution in Armenia had positive rather than negative impact on the country`s economy

ArmInfo. Velvet revolution in Armenia and post-revolutionary processes had a certain positive impact on the country's economy rather than negative influence, Head of the "Integration and Development" NGO, coordinator of the Eurasian Expert Club Aram Safaryan expressed such an opinion at the press conference. According to him, after the velvet revolution, economic growth not only did not interrupt, but also outlined stable trends for further increase. "Obviously, the Armenian economy is in a stage of constant development, and the indicators of the first half of 2018 clearly demonstrate  all those sectors that require serious attention, and if these positive trends continue, serious GDP growth and higher business activity can be expected," he said.

It is noteworthy that within three months of the second quarter the credit portfolio of Armenian banks grew by 99 billion drams, which, according to the expert, means the growth of confidence of depositors and investors in the new government of Armenia. The number of deposits in Armenian banks increased by approximately $ 250 million - these are deposits of individuals and legal entities. The tourism industry is also promising, in the first half of 2018, the number of foreigners visiting Armenia increased by 14% compared to the same period in 2017. According to Safaryan, till the end of the year the number of tourists visiting Armenia can reach 1.5 million.  Noting that the volume of Armenian exports to Russia is constantly growing, Safaryan stressed that the authorities of the two countries should do everything possible to further enhance cooperation. "Armenia should deepen relations with Russia, which will allow it to get a certain carte blanche in the price policy for imported products from Russia," the expert said.

At the same time he urged not to give into the panic that some representatives of analytical circles are sowing, pointing to the sanctions policy against Russia and predicting that it will kill the Armenian economy. According to Safaryan, Russia is strong, including due to this unfriendly policy, it constantly increases, diversifies and strengthens its economy, and Armenia should take advantage of the opening perspectives: "Our economists estimate the y-o-y economic development to be optimistic. Armenian dram remained stable even at the background of the collapse of the Russian ruble, the Turkish lira and the Iranian rial in August. Even considering certain difficulties in the Russian economy, which emerged in August- September, the banking system remains stable and basically predictable. Our economists are convinced that in the conditions of deepening of favorable trends not only 6%, but 7-8% growth of Armenia's GDP can be expected " Safaryan concluded.