WORLD BANK FORECASTS 9-9.5% ECONOMIC DECLINE IN ARMENIA IN 2009, 1.5-5% ECONOMIC GROWTH IN 2010

ARKA
June 12, 2009

YEREVAN, June 12. /ARKA/. The World Bank (WB) forecasts a 9-9.5%
economic decline in Armenia in 2009 and a 1.5-2% economic growth in
2010, Head of Yerevan Office of the World Bank Aristomene Varudakis
told reporters on Friday.

Varudakis stated that Armenia’s economy is falling and a 9-9.5%
annual decline is expected to be recorded at the end of this year but
he expressed a hope the situation will improve and a 1.5-2% economic
growth will be recorded in 2010.

He noted that according to the forecasts the economic growth will
accelerate, though definite indicators will depend on situation in
the world.

In January-April 2009 a 9.7% economic decline was recorded in Armenia
against the corresponding period of 2008.

According to the program of the Central Bank of Armenia on money and
credit policy a 5.8% economic decline is expected in Armenia in 2009.

At the same time, the International Monetary Fund has revised its
forecast on economic decline in Armenia to 5%.

From: Emil Lazarian | Ararat NewsPress