Crises Management: A Key Element in Armenia’s Economic Stability
Introduction
In today’s uncertain and volatile economic environment, ensuring the stability and harmony of Armenia’s economy requires effective crisis management. As a key element in the country’s economic system, crises management has become an essential tool for companies to overcome challenges and maintain normal operations.
The Role of Crisis Management
According to Dr. Grigor Tatul Manukyan, associate professor at the Institute of Economics after M. Kotanyan of the National Academy of Sciences of Armenia, the role of crisis management is crucial in the real sector of Armenia’s economy. The expert highlights that economic results are shaped by both macroeconomic fluctuations and microeconomic factors.
“The development of a crisis management system is essential for ensuring the stability of Armenia’s economy,” Dr. Manukyan emphasized. “In today’s uncertain environment, crises can occur at any moment, and companies need to be prepared to respond effectively.”
Challenges in Crisis Management
Despite the establishment of an institute of bankruptcy in Armenia, its effectiveness is hindered by several factors. The low efficiency of rehabilitation procedures is one of the major challenges facing Armenian companies.
A Multi-Stage Approach to Crisis Management
To overcome these challenges, Dr. Manukyan proposes a multi-stage approach to crisis management, which includes:
- Early warning system: Identifying potential crises before they occur.
- Risk assessment: Evaluating the likelihood and impact of crises on companies.
- Crisis response planning: Developing contingency plans to mitigate the effects of crises.
- Rehabilitation procedures: Implementing measures to restore companies’ financial stability.
“The implementation of an effective crisis management system is crucial for Armenia’s economic development,” Dr. Manukyan stressed. “It will enable companies to overcome challenges, maintain their operations, and contribute to the country’s overall economic growth.”
Conclusion
In conclusion, crises management has become a vital element in Armenia’s economic landscape. As the expert emphasizes, it is essential to develop and implement effective crisis management strategies to ensure the stability and harmony of the country’s economy.
Key words: Crisis management, institute of bankruptcy, financial recovery