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Armenian Tycoon Expects Crisis to Peak in 2013


Armenia - The owner of Armavia and Mika Corporation Mikhail Baghdasarov at a press conference in Yerevan, 06 July, 2011

Armenia - The owner of Armavia and Mika Corporation Mikhail Baghdasarov at a press conference in Yerevan, 06 July, 2011

An affluent entrepreneur running aviation, fuel-importing and other businesses in Armenia believes the economic crisis still lingers in the country and will actually peak only in two years’ time.

Mikhail Baghdasarov, the owner of the Armavia airline and the Mika Corporation, however, steered clear of directly blaming the government for not doing enough to handle the situation as he spoke to the media on Wednesday.

“I don’t think that the crisis that today exists everywhere in the world does not concern Armenia. The crisis hits everyone very hard,” Baghdasarov said.

“From the very beginning here they were saying that there would be no crisis and now they say it is over. I believe that the peak of the crisis will be in 2013 as is clear from all analytical reports... I’d rather be expecting [the crisis] than not. If you expect it, then you get ready for it, and if you don’t, then you get unexpected problems,” the tycoon added.

Baghdasarov said the crisis was making life harder also for his businesses.

“We work with people. If people are short of money, they do not choose to travel by air. Consequently, we are interested in people’s having plenty of money so they can afford to travel for their rest, build houses and drive cars,” said the businessman.

Baghdasarov, however, ducked the question posed by RFE/RL’s Armenian Service on whether he thought the government was taking any steps to cushion the impact of the supposedly oncoming “crisis peak”.

“I cannot answer for the government, ask the government,” he said.
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