WB: Armenia’s economy likely to grow 2% in 2010

WB: Armenia’s economy likely to grow 2% in 2010
ARKA, 26.02.2010

Armenia’s economy is likely to grow 2% in 2010, Aristomene Varoudakis, the head of the World Bank’s Yerevan office, said Friday at a news conference.

He said that the crisis had already subsided but it doesn’t mean that the crisis was left behind.

In his opinion, four years are needed to return the results of 2008 after 14.4% economic decline in 2009, the two-percent economic growth expected in 2010 and possible 3 or 4% growth in 2010.

Varoudakis said that January’s 2.4% year-on-year GDP growth showed stabilization of the country’s economy.

The economy has stopped declining, and some rally is already visible here.

However, it doesn’t mean that the economic growth will be restored quickly this year.

In the 2010 state budget, GDP growth is planned at 1.2%.

European Bank for Reconstruction and Development and International Monetary Fund predict a two-percent economic growth.