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IMF Predicts 2.6 Percent Growth For Armenia This Year

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  • IMF Predicts 2.6 Percent Growth For Armenia This Year

    IMF PREDICTS 2.6 PERCENT GROWTH FOR ARMENIA THIS YEAR

    YEREVAN, October 31st. / ARKA /. IMF Resident Representative in
    Armenia Teresa Daban Sanchez said today that the country's economy
    will grow this year by 2.6%.

    Speaking at a news conference, she said the growth is being affected
    primarily by external factors, in particular, by the slowdown in
    Russia's economic growth, the lack of economic growth in EU countries,
    which are major trading partners of Armenia and by a drop in the amount
    of remittances sent by Armenian labor migrants working in the Russian
    Federation, whose national currency has been weakening for months. As
    for domestic factors affecting growth Ms. Sanchez said it is the
    government's failure so far to fully meet its 2013 spending targets.

    "The state budget had enough resources, but because of some technical
    factors, not all the planned projects have been implemented and as
    a result the budget deficit made 2.5% of GDP," said Ms. Sanchez.

    She also said the difference between the IMF forecasts and the
    government's projection of 3.3% growth is not essential, adding that
    the IMF is more cautious in its forecasts.

    She also said the next IMF mission will arrive in Armenia in
    March, saying that by that time the IMF may be ready to revise its
    macroeconomic forecasts.

    In late September the IMF revised downward its economic growth forecast
    for Armenia by one percentage point lower from its earlier prediction
    of 3.5 percent, explaining it by Western economic sanctions against
    Russia.

    According to IMF, the sanctions imposed by the United States and the
    European Union against Russia are reflecting negatively on Armenian
    exports to Russia and remittances from hundreds of thousands of
    Armenian labor migrants working in Russia.

    In August the Central Bank of Armenia also revised downward the
    economic growth forecast for 2014 to 3.6%-4.2% from the previous
    forecast of 4.1%-4.8%. -0-

    http://arka.am/en/news/economy/imf_predicts_2_6_percent_growth_for_armenia_this_y ear/#sthash.CHpVUYBD.dpuf


    From: Baghdasarian
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