Monday, April 11 2011 19:54

ADB forecasts a gross domestic product growth of 4.0% in Armenia in 2011


ArmInfo. ADB is forecasting a gross domestic product (GDP) growth of 4.0% in Armenia this year, according to its flagship Asian Development Outlook 2011 report released in early April. In 2010, the economy expanded 2.1% after contracting 14.2% in 2009.

"Armenia has emerged from the slump caused by the global financial crisis, with contributions from major exports such as copper, chemicals, and jewelry, and improved gains made by industry, construction, services, and remittances aiding the country's recovery last year", said Lakshmi Venkatachalam, ADB's Vice-President for Private Sector and Cofinancing Operations.

To recall, Armenia became a member of the Asian Development Bank in September 2005. Its share participation in the authorized capital of the bank is 10,557 shares or 0,301%. According to the latest data of ADB, Armenia has already received (under an agreement between the ADB and the Armenian Government) $223.9 mln from the Asian Development Fund, and will receive $170 mln more from OCR (Ordinary Capital Resources). The latter amount has already been approved by the ADB Board of Directors.
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