IMF: ARMENIA IS LEADING IN THE REGION WITH MACROECONOMIC INDICES
ArmRadio.am
30.05.2007 15:38
The average economic growth in the countries of the South Caucasus and
Central Asia has exceeded 10% during the past four years, David Owen,
Senior Adviser of the International Monetary Fund (IMF) Department
on Middle East and Central Asia, declared in Yerevan today.
In his words, with the economic development index Armenia is one of
the leaders among the countries that do not produce oil. "Armenia’s
macroeconomic growth has been 13% on the average during the past four
years," said David Owen.
He noted that due to the growth of export, flow of foreign capital
and direct investments in the first quarter of 2007 Armenia’s economic
growth has exceeded the 10% envisaged by the budget.
The IMF representative said the majority of the countries have
constrained the nominal appreciation of the national currency rate
against USD, and Armenia is the leader in this regard (25%). In David
Owens’s words, this fact had a considerable and important impact on
the macroeconomic indices of the country.
During the past two years real appreciation of national currency
has occurred in almost all the countries of the region. "Due to
the flexible policy of the Central Bank, the index reached 16.9%
in Armenia," Mr. Owen said.
According to the IMF representative, further constructive reforms
of the Armenian Government will enhance the competitiveness of the
country and will promote the growth of export rates.