Interfax, Russia
Feb 25 2009

World Bank expects zero growth in Armenian economy in 2009

YEREVAN Feb 25

The World Bank does not anticipate growth in the Armenian economy in
2009, Aristomene Varoudakis, director of the bank’s Yerevan office,
said at a press conference on Wednesday.

Armenia experienced an economic slump in November and December 2008
compared to the same period of 2007 and this slowdown carried over
into January 2009, he said.

Taking into consideration the negative trends in the global economy as
well as the worsening economic situation in Russia, one of Armenia’s
biggest trade partners, the prospects for 2009 are not encouraging, he
said.

"I think that, in these conditions, economic growth in Armenia will be
zero in the best-case scenario," he said.

According to the Armenian National Statistics Service, GDP declined
0.7% in January 2009 compared to January 2008 and 62.8% compared to
December 2008.

The country’s budget for 2009 envisions GDP growth of 9.2%.

Armenia saw GDP growth of 6.8% in 2008 instead of the 10% planned in
the budget.