IMF PREDICTS A 15.5% GDP DECLINE IN ARMENIA BY YEAREND
Shakeh Avoyan

"Radiolur"
12.11.2009 17:48

The International Monetary Fund (IMF) predicts a 15.5% GDP decline in
Armenia following the results of 2009, Head of the IMF Representative
Office in Armenia Ninke Omes said this at a press conference in
Yerevan today.

According to her, in January-September, 2009, the GDP decline made
18.3%. "This is a very negative index. However, the GDP index increased
1.7%"in September as compared to August," Ninke Omes stated.

According to her, this evidences the gradual rehabilitation of the
Armenian economy.

Speaking about long-term forecasts, Ninke Omes informed that, according
to IMF assessments, in 2010, the growth of Armenian GDP will make
1.2%, and in 2011 – 3%. The following years, GDP will increase by 0.5%
each year until 2014.

Touching upon the policy of the Central Bank of Armenia (CBA),
Ninke Omes noted that IMF recommends the Central Bank to carry out
the policy of "manageable floating exchange rate."

"CBA should not interfere with objective trends of the exchange rate.

However, from time to time it can pour currency into the market to
avoid strong shocks," she stated.