WORLD BANK PREDICTS FALL IN ARMENIAN GDP IN COMING YEARS

Trading Markets, CA
June 22, 2006

(RTTNews) – The World Bank predicted a sharp fall in Armenian GDP
growth rate to 5.6% in 2008 compared to 14% in 2005, published reports
said Thursday. Analysts say the major economic risks are associated
with a strengthening in the national currency, the Dram.

The bank sees the nation’s deficit near European standards of up to 3%
of GDP versus 1.7% of GDP in 2005.

In its report on Eastern Europe and Central Asia, the World bank
forecasts a slow down in growth in majority of the countries in
the region barring the oil rich Russia, Kazakhstan, Azerbaijan and
Romania. Higher oil prices and a decline in foreign transfer would
hamper economic growth in the region, the bank said.