IMF: Armenian economy growth rates remain on low level because of negative trend of Russian economy

ArmInfo. Armenian economy growth rates remain on low level because of negative trend of Russian economy, Permanent Representative of IMF to Armenia Teresa Daban Sanchez expressed this opinion in a talk with ArmInfo's correspondent.

2.25-2.5% is not a bad indicator as it is still growth, although this rate cannot be considered satisfactory.  The Armenian economy could have 3-4% growth; she noted emphasizing that currently IMF does not intend to revise the forecast on economic growth of Armenia.

In this context Daban Sanchez mentioned that the next revision of the forecast will be made by IMF in September of 2016 after conducting full analysis and monitoring.

To note, according to the World Economic Outlook Update, IMF forecasts drop of Russian economy by 1.8% in 2016 versus previously forecasted 1% decline.

To recall, International Monetary Fund (IMF) has upgraded its forecast for Armenia's economic growth in 2016 to 2.25-2.5% versus earlier forecasted 2.2%. World Bank forecasts a 2.5% GDP growth for Armenia in 2016.  EBRD forecasts economic growth to 2% in 2016. The Central Bank of Armenia revised its economic growth forecast for Armenia in 2016 from the previous 3.2- 3.9% to 1.6-2.7%, in its monetary policy program for Q4 2015. The state budget of Armenia fixed 2.2% GDP growth in 2016. According to the National Statistical Service of Armenia GDP growth in Armenia in 2015 totaled 3% versus 3.5% in 2014. According to the statistical data economic activity in Q1 2016 grew by 5.6% y-o-y versus 2.5% growth in the same period of 2015.