WB forecasts zero GDP growth in Armenia in 2009

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Economy

26.02.2009, 02:49

The World Bank (WB) forecasts zero GDP growth in Armenia in 2009, said Aristomene Varoudakis, Head of the WB office in Yerevan.

YEREVAN, February 25. /ARKA/. The World Bank (WB) forecasts zero GDP growth in Armenia in 2009, said Aristomene Varoudakis, Head of the WB office in Yerevan.

With the recent unfavorable trends in the global economy, as well as a worse economic situation in Russia, Armenia’s major trade partner, the prospects for this year are not optimistic, Varoudakis told reporters. He pointed out a decrease in the GDP in Armenia this January.

This January the GDP showed a decrease of 0.7% as compared with last January.

According to Varoudakis, zero GDP growth will at best be registered in Armenia this year. On the other hand, he expressed hope for positive changes in 2010 due to the measures being implemented now as well as the improvement of the world market situation.

Varoudakis stressed the necessity for competent budget planning with the real economic situation considered.

4,169bln AMD GDP and 9.2% r4eal GDP growth have been budgeted in Armenia for this year.

Last year, 6.8% GDP growth was registered in the country against the budgeted 10%. P.T. –0--

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