EurasiaNet , NY
March 10 2009

ARMENIA: HSBC BANK PREDICTS ZERO ECONOMIC GROWTH
3/10/09

HSBC Bank Armenia is predicting a zero growth rate for
Armeniaâ??s economy in 2009, Armenian media outlets are
reporting. Inflation is forecast to approach 12 percent, which would
be an increase of slightly less than two percentage points from the
2008 rate, as estimated by the US Central Intelligence Agency.

The bankâ??s executive director, Tim Slyther, termed the flat
growth rate as a decent performance, given reduced Diaspora
remittances and anticipated negative growth rates among
Armeniaâ??s trade partners, according to the ArmenInfo news
agency. The bank expects only Georgia to do relatively well this year,
thanks largely to massive foreign aid injections after last
yearâ??s war with Russia. The main causes for inflation,
Slyther indicated, were higher prices for utilities and imported
goods, the latter linked to the dramâ??s recent devaluation.

From: Emil Lazarian | Ararat NewsPress