Report finds external factors increase uncertainty in Armenia
Monday 14 November 2016
HSBC experts believe that global macroeconomic tendencies contribute to increase of uncertainty for the future as in the world, as in Armenia.
“The weak global and regional conditions, Brexit and US elections along with the continuing difficult external conditions of Armenia (closed borders and sanctioned sectors in Russia) contribute to the feeling of uncertainty that people have in this part of the world,” the report reads.
Nevertheless, the authors remark that Armenia recorded a 3% economic growth in 2015, with the economic activity index totaling 1.6 % in the third quarter of 2016.
“Scientific and technological changes are improving our quality of life, but they are also contributing to an ageing population and the feeling that employment and social provisions globally are less secure than ever,” commented HSBC Bank Armenia CEO Paul Edgar.
According to him, unemployment rate in Armenia has been at an average 17% during the last four years, and social provisions from the Government also remained relatively stable.
Paul Edgar stressed the importance of planning in financing, noticing that people need to think ahead about their financial needs at every stage of life.
“While it is impossible to anticipate all the events that will change your life – be it a personal, social or economic, having a plan in place will help you be more confident of protecting what you already have. Overall, we feel better off than the generation that went before and that we have greater choice and opportunities for fulfillment in our lives. But we also feel less stable and less secure, and see these trends continuing for the next generation,” Paul Edgar said.
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