WORLD BANK DOWNGRADES FORECAST FOR ARMENIAN GDP DECLINE TO 12%-14% IN 2009
Interfax
Aug 31 2009
Russia
The World Bank has downgraded its forecast for the decline in the
Armenian economy to 12%-14% in 2009 from 9%-11%, Aristomene Varoudakis,
director of the bank’s Yerevan office, told journalists on Monday.
The World Bank also raised its forecast for inflation in Armenia to 6%
from 3% this year.
Armenian GDP contracted 18.5% in January-July 2009, although the
rate of decline is slowing down, he said. In particular, industrial
production grew 6% in July 2009 compared to the previous month,
while agricultural production rose 4.5%.
Varoudakis said growth in global fuel prices and fluctuations in the
exchange rate in Armenia continue to impact inflation.
The Armenian Finance Ministry predicts the economy will contract
10%-15% in 2009 and inflation will amount to 4%. The International
Monetary Fund expects Armenian GDP to decline 9.5% and prices to grow
5%. In June, the Armenian Central Bank predicted GDP will contract
7%-8% in 2009.
From: Emil Lazarian | Ararat NewsPress
Disclaimer: This article was contributed and translated into English by Emil Lazarian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
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