EBRD LOWERS ITS 2009 ECONOMIC GROWTH FORECAST FOR ARMENIA
ARKA
Jan 29, 2009
YEREVAN, January 29. /ARKA/. European Bank for Reconstruction and
Development lowered its economic growth forecast for Armenia in 2009
by 2.8% to 5.5%. In November, the EBRD expected 8.3%.
The bank said in its report that economic growth was recorded at 6.8%
in 2008, 13.8% in 2007 and 13.2% in 2006.
The European Bank lowered its expectations also for neighboring
countries.
The 2009 economic growth forecast for Azerbaijan was lowered from 15%
to 8% and for Georgia from 4% to 3%.
GDP growth forecast for Russia fell from 3% to 1%. The EBRD expects
decline also in 30 European and Central-Asian countries, in which
the bank invests money.
As a whole, European Bank expects 0.1% GDP growth in these countries
in 2009 instead of 2.5% predicted earlier.
Erik Berglöf, the top specialist at the bank, said slowdown in global
economic processes is visible in the EBRD region mainly because of
increased integration in the world economy.
He thinks that the countries ability to stand outside pressures
will heavily depend on the pace of global economy recovery, national
governments and international financial institutions’ joint efforts.
European Bank for Reconstruction and Development is the largest
investor, who besides investing own money also attracts direct
foreign investments.
The bank belongs to 60 countries and two international organizations.
The bank invests money manly in private companies, as a rule, jointly
with its commercial partners.
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