WB FORECASTS ZERO GDP GROWTH IN ARMENIA IN 2009

ARKA
Feb 25, 2009

YEREVAN, February 25. /ARKA/. The World Bank (WB) forecasts zero GDP
growth in Armenia in 2009, said Aristomene Varoudakis, Head of the
WB office in Yerevan.

With the recent unfavorable trends in the global economy, as well as
a worse economic situation in Russia, Armenia’s major trade partner,
the prospects for this year are not optimistic, Varoudakis told
reporters. He pointed out a decrease in the GDP in Armenia this
January.

This January the GDP showed a decrease of 0.7% as compared with
last January.

According to Varoudakis, zero GDP growth will at best be registered in
Armenia this year. On the other hand, he expressed hope for positive
changes in 2010 due to the measures being implemented now as well as
the improvement of the world market situation.

Varoudakis stressed the necessity for competent budget planning with
the real economic situation considered.

4,169bln AMD GDP and 9.2% r4eal GDP growth have been budgeted in
Armenia for this year.

Last year, 6.8% GDP growth was registered in the country against the
budgeted 10%.

From: Emil Lazarian | Ararat NewsPress