CBA’S FORECAST: 1.5-3.5% ECONOMIC GROWTH TO BE RECORDED IN H1 2009

ARKA
Feb 17, 2009

YEREVAN, February 17. /ARKA/. Economic growth is to constitute
1.5-3.5% in the first half of 2009, says the monetary and credit
policy program of the Central Bank of Armenia (CBA) for the first
quarter of 2009. Economic growth is expected to be 6.9% in the second
half of the year, with the annual growth level expected at 4.5-7.5%
by the end of the year.

According to the CBA, increase in economic growth rates is expected
due to additional economic programs and projects to be implemented
by the government for promoting small and medium business.

During the year 2009, risks of decrease in economic growth are to
prevail due to continuous reduction in world demand and to possible
slowing-down of the additional government programs.

In 2008, a 6.8% economic growth was recorded in Armenia as compared
with 2007. Under the state budget, GDP is to grow by 9.2% in the
country over 2009.