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

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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
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