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In 3-4 years Armenia may become economic leader of South Caucasus

In 3-4 years Armenia may become economic leader of South Caucasus

3 February 2012

In 3-4 years Armenia will improve its economic indicates and may become the economic leader of South Caucasus region, chairman of Armenian Union of Employers, Gagik 
Makaryan, told journalists today.

He made such a conclusion having analyzed the statistical indices and the data of international organizations about Armenia, Georgia and Azerbaijan. He said that at present Georgia is the leader in the
region thanks to its reforms, but business is not developed in this country with the same rates like the reforms. This depends much on the conflict with Russia, as such a situation causes extra big risks for investors in the context of the threat of war. "If over the next 10-15 years the conflict between Georgia and Russia is not settled or worsens, the reforms in this country will develop but business will not", - he said. Makaryan also added that the citizens of Armenia are the strongest economic resource and over the next yearsthe authorities of the country should draw more attention to raising of the education level of the population and improvement of business-climate.

As for the situation in Azerbaijan, the economy of this country is almost fully based on the oil industry and is less diversified. He also added that the oil extraction will gradually reduce in Azerbaijan if new deposits do not develop, which will lead to gradual weakening of economy.

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