WB: ARMENIA HAS MANAGED TO SECURE SATISFACTORY MACROECONOMIC INDICES
Alisa Gevorgyan

"Radiolur"
03.07.2009 16:40

Armenia has managed to secure sufficient macroeconomic indices under
the conditions of the financial-economic crisis, Head of the World
Bank Armenia Office Aristomene Varoudakis told a press conference
today. He made a positive assessment of crisis prevention measures
of the Armenian Government.

He emphasized the necessity of continuing the policy of fiscal and
macroeconomic stability, at the same time paying special attention
to non-secure layers of the population.

According to WB forecasts, Armenia’s GDP in 2009 will reduce 9-10%,
and small growth of the economy is expected in early 2010, which will
make 1-2% following the results of the year.

Concerning maintenance of the external debt by Armenia, Aristomene
Varoudakis noted that there are no difficulties as to the given issue,
since the loans are provided mainly at preferential terms.

According to him, the correlation of Armenia’s state debt to the GDP
now makes 13%, however in 2011, the index will reach 45%. "This, of
course, is a high index, especially if we compare it with the volume
of tax proceeds to the GDP (15%-16%)", Aristomene Varoudakis stated.

"We expect that simultaneously with economic stabilization, the
correlation of the state debt to the GDP will decline 30%," Head of
WB Yerevan Off ice noted.

From: Emil Lazarian | Ararat NewsPress