ArmInfo. Armenia keeps focus on the issues related to the country's economy, efficient response to existing challenges, as well as ensuring long-term social-economic development, Armenia's President Serzh Sargsyan stated at the 16th session of the ruling Republican Party held on November 26.
According to the President so-called immunity of Armenia has experienced numerous changes within the recent years. Sargsyan stated that the Republic managed to develop all the necessary institutions, which working like a spring significantly mitigate influence of negative external factors. It is due to this that Armenia managed to ensure progressive economic growth. Particularly, according to the President Armenia ensured real economic growth within 29,3% in 2007-2015, while according to the International Monetary Fund the growth totaled 32%. Meanwhile, he noted that in the European countries the growth in the same period totaled 8,9%, while in CIS countries 22,4%. ''Armenia continued to develop during the recent 9 years withstanding such economic shocks that can be compared with Great Depression of 1930ies '', Sargsyan stated.
In these conditions Armenia managed to open new horizons of the country's development, change the structure of economy making it more diversified. According to Sargsyan Armenia increased the share of export in the structure of the country's trade turnover. ''Particularly, if in 2006 Armenia's export totaled $985mln, in 2015 this figure reached $1 bln 485 mln, while in the 9 months of 2016 it totaled $1,3 bln'', the President stated emphasizing that such a level of export was ensured due to the economic policy chosen by Armenia.
The President noted that dependence on foreign currency transfers has gradually yielded to development of domestic economy. As a result in 2007-2015 the real growth of wages of working citizens made 39.2%. This became possible not only due to ensuring real economic growth but also stability of prices during the world financial crisis, which according to Sargsyan is Armenia's crucial achievement. "Within the recent years Armenia registered growth of minimal monthly wage: if in 2007 it totaled 20 thousand drams, today it has reached 55 thousand drams registering 2.8-fold growth", Sargsyan noted.
"Wages in state sector have also significantly grown", the President continued. Average monthly salary in the state sector totaled 60985 drams in 2007. As a result of 9 months of 2016 it already totaled 160688 drams. Average wage in private sector totaled 214169 drams in the same period, versus 90879 drams in 2007, thus 2.4-fold growth has been registered''.
Serzh Sargsyan stated that pensions have also significantly grown: in 2016 average pension exceeded 42 thousand drams versus 12746 drams in 2007. "Thus, within the 9 years the average amount of pension increased 3.3-fold", he noted.
Deposits of residents and non-residents of the country as well as economic entities totaled 1,6 trln drams in September 2016, registering 5,8-fold growth. The President noted that deposits of physical entities alone totaled about 1 trln drams, while amount of guaranteed deposits of the Deposit Guarantee Fund exceeded 1,8 mln.
At the same time Sargsyan admitted that relatively low level of poverty in Armenia was mainly determined by incomes transferred to Armenia by labor migrants, as a result the amount of consumption grew in the country. However, financial crisis had negative impact on the transfers. Amount of personal transfers sent to Armenia totaled $2.3 bln in 2008. However, in 2009 it sharply declined and totaled $1.6 bln, while in 2015 transfers declined by $500mln. This year also decline of transfers has been registered, Sargsyan noted.
"In 2010 population poverty level totaled 35.8%, in 2015 due to consistent efforts the poverty level was reduced to 29,8%. Thus, the level of poverty determined by drop of external inflows, was reduced due to real growth of domestic economy'', the President stated.
Serzh Sargsyan stated that for increasing the level of population's well-being a number of programs have been implemented. Particularly, system of social packages and programs on providing affordable housing to young families were implemented.
"Are we really satisfied with the achieved results? Of course, not", stated the Armenian President. Otherwise, he continued there would be no reason to discuss need of conducting reforms. Moreover, increase of the state's debt burden was the price for creating internal potential. However, first and foremost the borrowed foreign debt served its main goals:first, economy survived in non-favorable financial conditions and secondly, the main part of the borrowed funds are invested in infrastructure programs, such as North-South road corridor and the country's security, these funds were not spent on operational expenses", Serzh Sargsyan stated.