Macroeconomy

 

Armenian economy is stagnating in anticipation of early parliamentary elections
/Oct 16/ARKA/

YEREVAN – Armenia’s economy is in a kind of stagnant in anticipation of early parliamentary elections, David Ananyan, the chairman of the State Revenue Committee (SRC), told reporters on Tuesday. 
According to him, the early elections will allow the economy to «breathe" freely. He also said that at the end of September, some 28 thousand new jobs were created in the country, prompted by a boom period. On the other hand, for obvious reasons, the government has not yet presented its vision of economic policy.
“If we fail to make public our vision of economic development as soon as possible, or fail to state our intentions about how we are going to reform  the tax legislation, our economic growth will not just stop, but is very likely to start regressing," said Ananyan. He stressed that the ongoing ‘revolutionary’ situation is harmful to the economy.
“I spoke about this with the Prime Minister. The sooner we hold elections, the clearer the situation will be for investors, and the economy will begin to breathe freely. Today, the economy is in some kind of stagnation. And this is natural and normal,” Ananyan said.
According to the National Statistics Committee, the country’s economic activity in the first 8 months of 2018 grew by 7.7% from the year before. The old government’s projection of GDP growth for this year is 4.5%.
 

Armenian government should secure at least 7-8 percent growth, economist says
/Oct 17/ARKA/

YEREVAN – Armenia’s authorities should work hard to secure at least a 7-8% economic growth for this and next years, the head of EV Consulting company Manuk Yergnyan told reporters on Wednesday. According to him, such a growth will not only increase productivity by 4-5%, but also help reduce poverty and create new jobs.
Manuk Yergnyan said also that despite active political development in the country in recent months, the economy has managed to maintain high growth rates, growing by 9.6% in the first quarter of 2018, and by 7.2% in the second quarter.
"Therefore, we can state that the Armenian economy has been resistant to such political  developments being able to maintain high growth rates," Yergnyan said. 
According to him, it is interesting that the mining industry showed a zero growth in the second quarter surging by 21.2% in the first quarter. This, according to him, is most likely due to the downtime of the Teghut cooper deposit in Lori province.
Regarding macroeconomic indicators for this year, Yergnyan said they are difficult to predict, because of the galloping developments. ‘If we maintain the growth rates registered in the first quarter, we may call it an achievement. However, it is important to plan a higher rate of economic growth for the next year and work hard to achieve it,’ he said, stressing also that the concept of economic development of the government, which does not yet exist, will play an important role in this context. 
According to the National Statistics Committee, the country’s economic activity in the first 8 months of 2018 grew by 7.7% from the year before. The previous government’s projection of GDP growth for this year is 4.5%.
 

Միկրոբիզնեսը կազատվի հարկերից. Փաշինյան
/Oct 17/Verelq.am/

Վարչապետի պաշտոնակատար Նիկոլ Փաշինյանն այցելել է Հյուսիսային պողոտայում բացված «Սիրիահայ մշակույթի շունչը Երևանում» խորագրով բարեգործական ցուցահանդես-տոնավաճառ, որը նվիրված է Երևանի 2800-ամյակին:

Կառավարության ղեկավարի պաշտոնակատարը շրջել է տաղավարներով, ծանոթացել սիրիահայերի աշխատանքներին և հետաքրքրվել նրանց գործունեությամբ: Նիկոլ Փաշինյանը կոչ է արել նրանց հետևողական լինել նախաձեռնություններում և ընդգծել, որ ՀՀ կառավարությունը շարունակելու է ուշադրության կենտրոնում պահել սիրիահայերի խնդիրներն ու բիզնես գործունեության համար ապահովել առավելագուն բարենպաստ պայմաններ:

«Մենք հիմա պատրաստում ենք Հարկային օրենսգրքի փոփոխություններ: Նախատեսում ենք այնպես անել, որ միկրոբիզնեսն ընդհանրապես ազատվի հարկերից: Առևտրաշրջանառության շեմը դեռ չենք որոշել, այն քննարկման փուլում է, սակայն դիտարկում ենք 20 մլն դրամի շրջանառության տարբերակը: Այսինքն, եթե այդ սահմաններում լինի ձեր բիզնեսը, ապա դուք ընդհանրապես կազատվեք հարկերից: Քննարկվում է, թե որ ոլորտները մտնեն այդ արտոնության մեջ»,- ասել է Նիկոլ Փաշինյանը՝ հավելելով, որ բիզնեսը ևս պետք է անզիվ լինի, աշխատի օրենքի շրջանակում:

«Փորձը ցույց է տալիս, որ 250 մլն դրամ շրջանառություն ունեցող գործարարն այն կարող էր մասնատել փորք շրջանառությունների, որ հարկերից խուսափեր: Այժմ քննարկվում են նաև այդ գործընթացները վերահսկելու մեխանիզմները»,- ընդգծել է վարչապետի պաշտոնակատարը:

Տոնավաճառ ցուցահանդեսը կազմակերպվել է Եվրոպական միության կողմից ֆինանսավորվող «Ճանաչել: Պաշտպանել: Իրագործել:» ծրագրի շրջանակում՝ «Հայկական Կարիտաս» բարեսիրական ՀԿ-ի, Սփյուռքի նախարարության, ՄԱԿ ՓԳՀ հայաստանյան գրասենյակի և «Սիրիահայերի հիմնախնդիրները համակարգող կենտրոն» ՀԿ-ի՝ Կարիտաս Ավստրիայի և Երևանի քաղաքապետարանի աջակցությամբ: Ցուցահանդեսը բացվել է հոկտեմբերի 16-ին և կավարտվի այսօր՝ ժամը 20:00-ին:

Ցուցահանդես-տոնավաճառում ներկայացված են 50-ից ավելի սիրիահայերի կողմից ներկայացված ձեռքի աշխատանքները, զարդերն ու քաղցրավենիքը:
 

Armenia improves positions in Global Competitiveness Index
/Oct 17/168.am/

Armenia is ranked 70th among 140 countries in the Global Competitiveness Index 2018 ranking which has been released by the World Economic Forum. Compared to the previous year, Armenia improved its positions by 2 points.

US leads the ranking with 85.6 points, is followed by Singapore – 83.5 points, Germany – 82.8, Switzerland – 82.6 and Japan – 82.5.

The competitiveness is assessed based on the analysis of 12 main indicators – state structures, infrastructures, macro-economic environment, figures in healthcare, education sectors, commodity market, efficiency of labor market, financial market development, technological preparedness and market volumes. Armenia has recorded progress in 11 out of 12 indicators.

Significant progress has been recorded in the figures of technological preparedness, healthcare, education, commodity market, labor market efficiency and innovative capacities levels. Regress was recorded only in terms of macro-economic figures.

Despite improvement of positions in the Global Competitiveness Index, Armenia is still behind the countries of the region. In particular, Azerbaijan is ranked 69th and Georgia – 66th. These two regional countries, however, recorded regress compared to the previous year.
 

Business Armenia has supported exports exceeding 5. 9 billion AMD in 2018
/Oct 19/Public Radio of Armenia/

Business Armenia has supported exports exceeding 5. 9 billion AMD during January-September 2018.

The figure exceeds the 5.7 billion AMD recorded during the 12 months of 2017. Business Armenia supported foreign investments of over $17,395,000. Memorandums of Understanding on investments worth 28.6 million were signed.

The results of the first nine months of 2018 were discussed today at a meeting of the Business Armenia Board of Trustees under the chairmanship of Deputy Prime Minister Tigran Avinyan.
 

Armenia official: We have no proof to announce about environmental disaster regarding Amulsar Armenia official: We have no proof to announce about environmental disaster regarding Amulsar
/Oct 19/News.am/

With respect to Amulsar [gold mine], we have no proof to announce about an environmental disaster, Armenia’s Acting Deputy Prime Minister Tigran Avinyan stated recently, econews.am reported.

“A mining strategy is being developed,” he noted, in particular. “We are resolving those two [respective] matters: legislation and strategy.

Avinyan reflected also on the future of the Teghut copper and molybdenum mine, Amulsar gold mine, and Alaverdi copper-smelting plant.

“With respect to Teghut, I can say that we have a major problem there in connection with the tailings. Also, a bankruptcy process is going on,” the acting deputy PM explained. “The Alaverdi copper-smelting plant operates with quite low efficiency, and with great [environmental] harmfulness for the Alaverdi [town’s] population itself.

“As for [the] Lydian [Armenia company], at this time we are conducting an expertise in connection with [the] Amulsar [gold mine] so we can figure out how accurate are the statements made by various environmentalists, various experts.

“Environmental issues are a priority to us [the incumbent Armenian authorities]. But, nonetheless, if environmental issues are not proved (…), we can’t stop the businessman as well because we still don’t have a very concrete argument, fact, and proof which will enable us to announce that an environmental disaster awaits us [Armenia].”
 

EBRD provides $12.5m boost for Armenian green investment
/Oct 19/Energy Live News – Energy Made Easy/

The funds will help businesses invest in climate adaptation and mitigation technologies

By Jonny Bairstow

The European Bank for Reconstruction and Development (EBRD) has provided a $12.5 million (£9.58m) boost for green investment in Armenia.

The move will offer businesses more opportunities to invest in low carbon technologies as a result of the money being provided to Ameriabank, which will in turn lend financing to small and medium-sized enterprises (SMEs) and larger corporations for green investments.

The loan is co-financed by the EBRD and the Green Climate Fund (GCF) and the funds will be provided under the EBRD’s Green Economy Financing Facility (GEFF), which is a framework to help businesses invest in climate adaptation and mitigation technologies.

The EBRD has recently launched an online climate disclosure tool.

Entrepreneurs of Armenia and South Korea are exploring opportunities for joint ventures
/Oct 20/Arminfo/Alexander Avanesov/

Entrepreneurs of Armenia and the Republic of Korea are exploring opportunities for creating joint ventures. The Armenian-Korean business forum said this in the margins of the Armenian-Korean Business Forum that opened on October 19 in Yerevan. ArmInfo coordinator of programs of international cooperation of the Chamber of Commerce of Armenia (CCI) Tigran Azinyan.

According to him, the event was organized by the Chamber of Commerce and Industry and the South Korean Embassy in Armenia. In total, 16 representatives of 9 South Korean companies engaged in the production of cosmetics, door electronic valves, gas boilers, food additives, etc., arrived in the Armenian capital. Basically, the business forum, which is held in B2B format, is aimed at creating conditions for networking and partnering relations between small and medium-sized businesses of the two countries. "It is possible that according to the results of the forum, agreements will be reached on setting up joint ventures," Tigran Azinyan stressed.

According to the data of the Statistical Committee of the Republic of Armenia, in January-August 2018 the trade turnover of the Republic of Armenia with the Republic of Korea amounted to $ 23.7 million, with an annual growth of 63.7%. At the same time, the export of Armenian goods to Korea was at the level of $ 350.9 (a decline of 79.6%), and the import of South Korean goods to Armenia, on the contrary, increased by 83%, reaching $ 23.4 million. In 2017, the trade turnover between Armenia and South Korea was $ 18.6 million, with an annual decline of 47.7%. The export of Armenian goods to Korea in 2017 was at the level of $ 1.02 million (a decline of 94.6%), while the import of South Korean goods to Armenia was $ 17.5 million (a decline of $ 45.9 million).
 

Armenia opens $50 million Bitcoin and Ethereum mining farm
/Oct 20/Chepicap/By Richard Allen/   

A cryptocurrency mining farm opened in Armenia on October 18. Using 3,000 machines, the $50 million farm will mine Bitcoin and Ethereum. A further 120,000 miners are expected to be added in the coming months, local news outlet Arka News Agency reports.

The country’s first mining project, launched in the Armenian capital of Yerevan, is headed by Armenian real estate investment company Multi Group Concern and Malta-registered Omnia Tech International Company.

The opening ceremony was attended by the country’s Prime Minister, Nikol Pashinyan as well as businessmen from China, South Korea, and the United Arab Emirates.

Armenian entrepreneur and head of Multi Group, Gagik Tsarukyan said at the ceremony that $50 million had been invested into the farm. The first floor of the farm is designed for an IT business center with around the clock operating services.

Bitcoin.com reports that Armenia is working at establishing its own Silicon Valley through the development of a free economic zone that will boast an advanced technology center.

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