Armenia’s GDP To Expand 1% In 2010


July 7, 2009

YEREVAN, July 7. /ARKA/. Armenia is to post a 1% GDP growth in 2010,
RA Prime Minister Tigran Sargsyan reported.

"The government and ministries are drawing up the state budget for
2010," the premier was quoted as saying during an international
conference on the global crisis impact on Armenia.

The prime minister stressed that it was the preliminary forecast of
the government, adding the executives would discuss macroeconomic
indicators in the upcoming months.

Emphasizing the budget deficit and possible financing, Sargsyan cited
four-year programs of the World Bank (WB), International Monetary Fund
(IMF) and Asian Development Bank (ADB).

"The financial resources allocated for Armenia would help the country
execute structural reforms, boosting infrastructures and playing a
crucial role for us," Sargsyan said.

WB plans to earmark $545mln for Armenia in four years. IMF has
increased its financial assistance to Armenia up to $823mln, while
ADB plans to extend Armenia lax credits worth $140mln in two years,
as part of its assistance to government reforms in the country.

According to official statistics, Armenia posed 15.7% downturn between
January and May 2009, with the GDP totaling 839.4bln drams.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS