IMF EXPECTS ARMENIA TO RENEW ECONOMIC GROWTH IN 2011
Interfax
May 12 2009
Russia
The International Monetary Fund (IMF)
forecasts Armenia’s economy to start posting growth again as of 2011,
the head of the IMF’s mission to Armenia, Mark Lewis, said during a
presentation made in Yerevan on Monday on developments in the Armenian
economy and its region.
Lewis said that Armenia’s forecast economic decline of 5% in 2009 would
be the largest in the Transcaucasian and Central Asian region. For
2010, zero economic growth is forecast for Armenia.
In February, the IMF forecast Armenia’s GDP to shrink by 1.5% for 2009.
Lewis said that the decline in the Armenian economy has largely
been driven by a reduction in total construction owing to declining
housing demand, as well as a sharp drop in the export of non-ferrous
metals. The latter development has been the result of declining
world prices on metals. Lewis did not rule out the possibility of
this development causing an overall economic depression in Armenia.
The IMF forecasts that average annual inflation in Armenia for 2009
to come to 3.6% against an earlier forecast of 4.5%. In 2010, this
figure is expected to rise to 7.2%.
Armenian authorities have yet to present plans for revising their
macroeconomic predications. According to the Central Bank of Armenia’s
adjusted money credit policy program, this year will shrink by 3%
with inflation standing at 5.9%.
Armenia’s GDP in January-March 2009 dropped by 6.1% in comparison
with the same period of 2008.
From: Emil Lazarian | Ararat NewsPress
