Podcast: Economic Crisis: Predictive Unpredictability?
17.03.2020
14:00
Media Center presents an interview with economist Ashot Khurshudyan on “Podcast: Economic Crisis: Predictive Unpredictability?".

The state of emergency has been in force since March 16. Along with the great health crisis, we are also facing an economic crisis. Referring to the economic crisis, Prime Minister Nikol Pashinyan noted: “Inevitably there will be a reshuffle in the world market and we believe that this reshuffle will also open new opportunities for the Armenian economy. However, it is clear that problems can also arise. ” To what extent is the economic loss likely to occur, in which areas will the crisis affect first?

According to Ashot Khurshudyan, by introducing a state of emergency, we will overcome the problem shorter and easier. Such drastic mechanisms are put in place to limit people's unwise steps. Some areas already have problems today and will have problems later. First of all, we are talking about services that are in direct contact with people - hotel business, restaurants, other services.

Economist says IT sector will have new opportunities after the crisis. "It's not as fun to record but in terms of opportunities the IT sector can benefit as demand is growing, people work with each other, with little communication." There are great opportunities for development in the field of health research and biology.”

The pandemic was unprecedented, with no budgetary expenditure in this regard. How can finances be managed effectively to minimize losses? "The good thing is”, the economist noted, “it's the beginning of the year, and the budget has not been fully spent. The decrease in incomes, an increase in deficit are not excluded. In such cases standard solutions will not be applied, a creative approach is needed. There is not enough free movement in our budget to be able to make money side-by-side. … Construction will probably suffer, I can suppose. No extra unforeseen burden should be placed on the budget, on the other hand, they should work on a risk-reduction scenario rather than a benefit. Instead of working on economic growth, we should reduce the decline. The economy is going to have an economic shock of one to three months.

- The economic and health crisis brings with it panic, uncertainty about tomorrow, in that sense, many citizens do not know what to do with their money savings.

-I have kept my money savings in drams. During the previous economic crisis, the people who converted the currency into foreign currency, after a while, did the opposite, converting the currency into AMD. That is, the market is wave-like. At some point, it will be balanced again. The whole point is, we should not magnify that peak because some people, especially those who panic, may suffer. The situation is generally stable.

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