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ECONOMIST PREDICTS ZERO GROWTH FOR ARMENIA THIS YEAR
YEREVAN, March 9. / ARKA /. Economist Vilen Khachatryan predicts zero
economic growth for Armenian economy this year. To substantiate he
cites the latest forecasts by the EBRD, which said Armenian economy
will stagnate in 2015 and by Armenia's Central Bank that has revised
its outlook for 2015 downward from earlier projection of 4.1% to 2%
According to him, a new wave of global economic crisis is ripening,
which like all previous global crisis will affect Armenian economy
in 3-6 months.
"Given the strong dependence of Armenia on the Russian market we expect
that the negative developments in Russia and our region will lead to
reduction in turnover and growing unemployment among Armenian labor
migrants in Russia which will in turn affect Armenia's economy," he
said at a news conference today adding 'if Russia fails to get out of
the current crisis, Armenia's economic growth this year will be zero."
According to him, there are all signs of pre-crisis situation in the
economy due to weak national currency and the reluctance of banks to
give loans of frozen loans.
According to preliminary data of the National Statistical Service,
the economic growth in Armenia in 2014 was 3.4%, down from the
government's projection of 5.2%. In terms of money Armenia's GDP
last year amounted to 4.525.8 trillion drams or about $10.8 billion
(the average exchange rate of USD in 2014 was 415.92 drams).
The Central Bank of Armenia predicts a 0.4% -2% GDP growth for this
year. The government's projection set in the 2015 budget is 4.1%. -0-
http://arka.am/en/news/economy/economist_predicts_zero_growth_for_armenia_this_ye ar/#sthash.6fCTYoD6.dpuf
YEREVAN, March 9. / ARKA /. Economist Vilen Khachatryan predicts zero
economic growth for Armenian economy this year. To substantiate he
cites the latest forecasts by the EBRD, which said Armenian economy
will stagnate in 2015 and by Armenia's Central Bank that has revised
its outlook for 2015 downward from earlier projection of 4.1% to 2%
According to him, a new wave of global economic crisis is ripening,
which like all previous global crisis will affect Armenian economy
in 3-6 months.
"Given the strong dependence of Armenia on the Russian market we expect
that the negative developments in Russia and our region will lead to
reduction in turnover and growing unemployment among Armenian labor
migrants in Russia which will in turn affect Armenia's economy," he
said at a news conference today adding 'if Russia fails to get out of
the current crisis, Armenia's economic growth this year will be zero."
According to him, there are all signs of pre-crisis situation in the
economy due to weak national currency and the reluctance of banks to
give loans of frozen loans.
According to preliminary data of the National Statistical Service,
the economic growth in Armenia in 2014 was 3.4%, down from the
government's projection of 5.2%. In terms of money Armenia's GDP
last year amounted to 4.525.8 trillion drams or about $10.8 billion
(the average exchange rate of USD in 2014 was 415.92 drams).
The Central Bank of Armenia predicts a 0.4% -2% GDP growth for this
year. The government's projection set in the 2015 budget is 4.1%. -0-
http://arka.am/en/news/economy/economist_predicts_zero_growth_for_armenia_this_ye ar/#sthash.6fCTYoD6.dpuf