ARMENIAN CB FORECASTS HIGH GDP GROWTH RATE FOR NEXT 3 YRS
Interfax News Agency
Russia & CIS Business and Financial Newswire
September 6, 2006 Wednesday 5:41 PM MSK
The Armenian economy will continue to grow at a high rate over the next
three years, Central Bank Chairman Tigran Sarkisian said in a speech
at the Armenian-European Policy and Legal Advice Center (AEPLAC).
The forecasts in an AEPLAC report in many cases coincide with the
Central Bank’s forecasts, he said.
Armenia has managed to accumulate a significant potential to provide
for economic growth and GDP could reach two figures in the next three
years, Sarkisian said.
He forecasts that the Armenian dram will strengthen in the next few
years. The Central Bank’s monetary and credit policy will focus on
holding back growth in prices for consumer goods, he said.
Quality changes could take place in the country’s economy over the
next three years, Sarkisian said. Many leading companies could find
themselves bankrupt or reorganized if they don’t withstand competition.
"The fundamental problem for the Armenian economy is the high level of
competition on foreign markets," Sarkisian said. "In the worst case,
the economy could slow in the next three to four years," he said.
Armenian GDP grew 11.6% in January-July.
The Armenian budget envisions GDP growth of 7.5% in 2006. GDP rose
13.9% in 2005.