CBA: ECONOMIC GROWTH TO BE 7-8%, INFLATION BUDGETED AT 4% IN ARMENIA IN 2009

ARKA
Jan 20, 2009

YEREVAN, January 20. /ARKA/. Economic growth will be 7-8%, and
the inflation rate is budgeted at 4% in 2009, said Chairman of the
Central Bank of Armenia Artur Javadyan at a press-confrence at Novosti
International press-center.

"According to forecast of Armenian Central Bank analysts, economic
growth will vary from 7% to 8% in the country in 2009 and the inflation
is budgeted at 4%, if there are no other occurrences in international
markets," said Javadyan.

He noted that other indicators of the country are difficult to predict
because of the world financial crisis, however "the biggest wave of
tsunami has not yet rolled over the world". He reminded economy grew 7%
and inflation rate was 5.2% in Armenia in 2008.

"In 2009 we will stay within the bounds of our aims, but it is obvious
that deflationary pressures are strong enough which will possibly
affect our economic growth", said Javadyan.

At the same time Javadyan stressed the Government and the authorities
undertake large-scale measures which will contribute to ensuring
forecasts for main economic indicators.