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World Bank Projects 4-5% Full-Year Economic Expansion For Armenia Th

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  • World Bank Projects 4-5% Full-Year Economic Expansion For Armenia Th

    WORLD BANK PROJECTS 4-5% FULL-YEAR ECONOMIC EXPANSION FOR ARMENIA THIS YEAR

    ARKA
    November 2, 2010
    YEREVAN

    YEREVAN, November 2, /ARKA/. The World Bank projects a 4-5% full-year
    expansion for Armenia's economy this year, head of World Bank Yerevan
    Office, Jean-Michel Happi, told ARKA today. The projection is up
    from a 1.2% GDP growth forecast by the government. The International
    Monetary Fund projects that Armenian economy may grow by 4.8%. Mr.

    Happi said after a 14% decline last year the WB expect the Armenian
    economy to grow this year by 4-5%.

    He said the World Bank is cooperating closely with Armenian ministries
    of finance and economy, the Central Bank and IMF to support government
    programs designed to secure sustainable growth.

    'Armenia has posted quite good results in enforcing reforms and in the
    area of administration and we closely cooperate with its authorities
    to maintain the current involvement level,' he said.

    Mr. Happi said also the government's anti-crisis measures enabled the
    most vulnerable segments of the population to withstand the fallout
    from the 2009 global crisis. It was also instrumental to preserve the
    macroeconomic situation, according to him. He added, however, that
    the impact was so severe that it could not fail to affect the living
    of many Armenian citizens resulting in growth of poverty. He said the
    government reforms are aimed on one hand at ensuring economic growth,
    supporting private sector, creation of new jobs, fostering exports
    and on the other at supporting the social sector.




    From: A. Papazian
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