Armenia to refrain from revising its GDP growth forecast for 2016 amid fall in oil prices

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Economy

21.01.2016, 14:12

Armenia’s government will refrain from revising its GDP growth forecast for 2016 amid the falling world oil prices, Armenian Deputy Finance Minister Pavel Safaryan told journalists on Wednesday.

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Armenia to refrain from revising its GDP growth forecast for 2016 amid fall in oil prices

YEREVAN, January 21. /ARKA/. Armenia’s government will refrain from revising its GDP growth forecast for 2016 amid the falling world oil prices, Armenian Deputy Finance Minister Pavel Safaryan told journalists on Wednesday.

In his words, the government’s forecast was based on pessimistic outlooks of its neighbors and partners, including Russia.

He said that economic growth in Russia is expected to stand at 0.7% in 2016, and if Moscow is officially reconsider its growth outlooks, Armenia will have to do the same.

Safaryan said there are no grounds for revise outlooks. He thinks there is no need to hurry.

In the 2015 government budget, GDP growth is planned at 4.1% and in 2016 budget it is projected at 2.2%.

According to the latest reports, the World Bank forecasts 2.2% GDP growth to Armenia for 2016 and the Eurasian Development Bank predicts a 2.2% economic growth to Armenia. ---0----

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