Thursday, July 19 2012 20:05

EBRD forecasts 4-4.5% GDP growth in Armenia in 2012


ArmInfo. The European Bank for Reconstruction and Development (EBRD) forecasts 4-4.5% GDP growth in Armenia in 2012, Head of EBRD Yerevan Office Valeriu Razlog told ArmInfo on Thursday.

He said that for 2013 the outlook is a bit better.

Razlog believes that the locomotive of economic growth in Armenia will be industry, along with trade and services, with a big jump expected in agriculture.

Among the risks that may slow down economic growth in the country are problems in the Eurozone and industrial recession in China. This may cause a decline in the demand for Armenian metals, copper and molybdenum and a reduction in the amounts of money transferred to Armenia by economic migrants.

These projections are not final, according to Razlog, as the EBRD is watching the situation in both the country and the region and will revise its outlook should something change. But for the moment, there is no reason for concern.

According to the Armenian Government's program 2012-2017, the economy in Armenia is supposed to grow more quickly than in developed countries due to 5-7% growth in GDP. This year GDP is supposed to grow by 4.2%.
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