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ARMENIA'S ECONOMY GROWTH MAY REACH 3.3% IN 2015 - IMF
YEREVAN, December 5. /ARKA/. Armenia's economic growth may reach 3.3%
in 2015if the respective policies are implemented by the government,
IMF's resident representative to Armenia Teresa Daban Sanchez said.
Global market developments will affect Armenia, Sanchez told a press
conference on Wednesday.
IMF's initial projection for Armenia was 2.6% economy growth for 2014,
but the country's potential is much higher, she said.
Focusing on the next year would be a more pragmatic approach for
Armenia, Sanchez said. She also noted Armenia's economic growth is
influenced also by the Russia market situation.
IMF projects a 0.5% GDP growth in 2015 for Russia that has one of the
biggest economies in the region. But this projection may be revised
downward, she said adding the Russian authorities are considering
even a possibility of a 0.8% decline.
In this respect, there are two important factors influencing the
Armenian economy - private transfers from Russia and exports,
Sanchez said.
"A quite complicated situation is expected next year as the Russian
economy is not in a very good condition and this may affect remittances
and exports", the IMF resident representative said.
Transfers continue increasing by lower rates than before, and certain
reduction in exports is seen amid dropping global demand, she said.
According to the Central Bank of Armenia, private remittances to
Armenia through the country's banking system amounted to over $161.6
million in October, a reduction of 17.1% compared to October 2013.
Transfers from Russia only were about $137.5 million in October, a
decrease of 19% compared to October 2013 and a 6% reduction against
the month before.
Official statistics say Armenia's exports were $1,250 million in
January-October (2.9% increase) and imports were about $3,626.5 million
(3.8% increase). Hence, negative trade balance was $2,376.58 million.
Sanchez pointed out that if local demand is low, then it is time now
for offering more stimulus for the economy through budget expenditure
items, including capital expenditures.
Sanchez stressed the importance of infrastructure reforms and said
IMF is focused on several sectors, including tax administering,
favorable business environment, reforms aiming at better financial
accessibility and energy reforms.
Armenia's economy growth is 5.2% in 2014 budget and the budgeted real
GDP growth level is 4.1% for 2015. -0--
http://arka.am/en/news/economy/armenia_s_economy_growth_may_reach_3_3_in_2015_imf/#sthash.aLpktIgH.dpuf
From: Baghdasarian
YEREVAN, December 5. /ARKA/. Armenia's economic growth may reach 3.3%
in 2015if the respective policies are implemented by the government,
IMF's resident representative to Armenia Teresa Daban Sanchez said.
Global market developments will affect Armenia, Sanchez told a press
conference on Wednesday.
IMF's initial projection for Armenia was 2.6% economy growth for 2014,
but the country's potential is much higher, she said.
Focusing on the next year would be a more pragmatic approach for
Armenia, Sanchez said. She also noted Armenia's economic growth is
influenced also by the Russia market situation.
IMF projects a 0.5% GDP growth in 2015 for Russia that has one of the
biggest economies in the region. But this projection may be revised
downward, she said adding the Russian authorities are considering
even a possibility of a 0.8% decline.
In this respect, there are two important factors influencing the
Armenian economy - private transfers from Russia and exports,
Sanchez said.
"A quite complicated situation is expected next year as the Russian
economy is not in a very good condition and this may affect remittances
and exports", the IMF resident representative said.
Transfers continue increasing by lower rates than before, and certain
reduction in exports is seen amid dropping global demand, she said.
According to the Central Bank of Armenia, private remittances to
Armenia through the country's banking system amounted to over $161.6
million in October, a reduction of 17.1% compared to October 2013.
Transfers from Russia only were about $137.5 million in October, a
decrease of 19% compared to October 2013 and a 6% reduction against
the month before.
Official statistics say Armenia's exports were $1,250 million in
January-October (2.9% increase) and imports were about $3,626.5 million
(3.8% increase). Hence, negative trade balance was $2,376.58 million.
Sanchez pointed out that if local demand is low, then it is time now
for offering more stimulus for the economy through budget expenditure
items, including capital expenditures.
Sanchez stressed the importance of infrastructure reforms and said
IMF is focused on several sectors, including tax administering,
favorable business environment, reforms aiming at better financial
accessibility and energy reforms.
Armenia's economy growth is 5.2% in 2014 budget and the budgeted real
GDP growth level is 4.1% for 2015. -0--
http://arka.am/en/news/economy/armenia_s_economy_growth_may_reach_3_3_in_2015_imf/#sthash.aLpktIgH.dpuf
From: Baghdasarian