Armenian economic fall may reach 15% this year: World Bank official

YEREVAN, October 16, /ARKA/. In an interview with Armenian daily
`Hayastani Hanrapetutyun’ (Republic of Armenia) the World Bank
Managing Director, Ms. Ngozi Okonjo-Iweala said Armenian economy may
fall this year by 15%, that of Georgia by 4% while Azerbaijani economy
is likely to grow by 2%.

According to her, the extent of the global crisis’ impact on the South
Caucasian countries was different. She said trade, foreign
investments, remittances as well as high prices of some commodities
which dragged these economies up have become now the `champions’ of
global economic decline.

She said Armenian economy has been effected heavily by declining
volume of remittances and reducing trade. Georgia suffered from
slashing foreign investments while Azerbaijan saw its gas and oil
sales down.

She said in all these countries the construction, trade and mining
sectors which have the biggest number of unqualified workers, suffered
the heaviest downturn. Therefore, she said, the unemployment rate in
these countries is set to grow.

According to official figures, Armenian economy fell by 18.4% in
January-August. The unemployment level rose to 6.3% from 6.3% from a
year before. -0-

From: Emil Lazarian | Ararat NewsPress