FORMER ARMENIAN PRIME MINISTER DOWNPLAYS GOVERNMENT’ PROJECTION OF 1.2 % ECONOMIC GROWTH

ARKA
Feb 24, 2010

YEREVAN, February 24, /ARKA/. A former Armenian prime minister
downplayed today the government’ projection of a 1.2 % economic growth
this year. Speaking at a news conference Hrant Bagratian, who served as
prime minister in ex-president Levon Ter-Petrosian’s administration,
said the real GDP will not grow this year and the projected 1.2%
growth will be pictured by the authorities.

The IMF and EBRD have projected a 2% GDP growth for Armenia this year.

Bagratian claimed also that the authorities will post an understated
inflation rate for the full year, which he said will be 10%.

According to the government budget, the inflation this year will be
4 ±1,5%. The IMF projected a 6% inflation. According to the official
figures, Armenian economy declined last year by 14.4%.