YEREVAN, OCTOBER 1, NOYAN TAPAN. The international financial crisis has not yet affected the Armenian economy for the reason that the country's economy is not integrated into international market, economist Andranik Tevanian expressed an opinion during the October 1 press conference. According to him, the crisis will have an indirect impact on Armenian economy: the amount of remittances from abroad will decline (because the Armenians living abroad will naturally feel the impact of the crisis). A. Tevanian stressed that remittances are of great importance for Armenia. "This is a sum in the amount of state budgetary expenditures: in 2007 it made about 2 billion dollars. This is money that enters the consumer market and makes the country's economy more active," he noted, adding that if the situation continues, a recession will start in Armenia's economy from the first quarter of 2009. In the opinion of A. Tevanian, economic problems will arise in Armenia not only as a result of outside impulses but also because of the policy conducted by Armenian authorities. "A tax terror is being made with respect to various sections of business. If the structure of the economy is not changed, and the competition conditions are not improved, the tax press will result in inflation," he said. In his words, sums are being collected to fill the budget, whereas a budget cannot be an end, but it is a consequence of the general economic situation. "Armenia has become a pensioner state. Money is collected, pensions are raised, however, the inflation affects first of all the pensioners," A. Tevanian said.

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