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World Bank Downgrades Forecast For Armenian GDP Decline To 12%-14% I

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

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
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