Amalia Saribekian, Ph.D. (Econ.), Council Member at the Central Bank of Armenia (Erevan, Armenia)


The world financial crisis has brought the contradictions in Armenias socioeconomic development into the limelight. The events of the post-crisis period have led to the emergence of many risks associated with the new approaches to economic management and with the global changes that have occurred in the world.

The anticrisis measures adopted have brought about certain positive changes, but this is not enough to ensure stable economic growth and a rise in the standard of living. A shift to a qualitatively new level of economic growth is needed, which requires pursuing an active policy based on the application of new criteria. Defining a new starting point for economic development, as well as identifying the possible (or optimal) alternative solutions and correctly setting the priorities are key elements in resolving this problem

The tasks facing the republic can best be solved by revealing the real opportunities for raising national potential, which requires re-examining the existing value system and reassessing the available resources.

Unfortunately, there is a wide gap in Armenia between ideas and their realization, which is complicating self-organization of the nation; the historical past must be perceived in a new way. The people need a philosophy supported not only by a material foundation, but also by cultural and, primarily, moral and psychological values.

This is the viewpoint most conducive to defining the priority vectors for developing national potential, keeping in mind the nations capabilities and opportunities for self-organization, and to designating ways to most efficiently introduce a new socioeconomic policy.

Comprehensive Approaches to Economic Development in Post-Crisis Conditions

Judging from the level and rates of economic development, it can be ascertained that Armenia has withdrawn from the crisis, although many unresolved tasks still remain. But the crisis not only creates problems, it also provides new opportunities for successful and dynamic development of the economy.

The current period in Armenias economic development requires essentially new interrelated approaches that anticipate the following:

ensuring maximum understanding of forthcoming actions and opportunities è determining the priorities of economic developmentè drawing up efficient ways to implement themè choosing optimal ways of developmentè ensuring their consistent implementation.

These measures must also be implemented in an

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