ArmInfo. Armenia faces task to ensure 7% GDP growth in upcoming two years, Chairman of the Union of Manufacturers and Businessmen Arsen Ghazaryan told ArmInfo during the opening of the 2nd annual Invest-Armenia-2016 business- forum, being held in Armenia by the initiative of BPA (Business partners of Armenia).
According to Ghazaryan Armenia is in more favorable condition than its neighboring countries, even in case of drop of investment flows. "We have no negative trends of investment flows. Our GDP this year will demonstrate positive trend ensuring 2-2.5% growth and this amid negative economic forecast for Russia", he stated.
Ghazaryan mentioned processing industry, manufacturing, wine production, IT and pharmaceutical fields as the most priority sectors for foreign investments this year. He considered these fields as export-oriented ones. "These sectors have competitive advantages and via foreign investments we will manage to increase the production and consequently to grow export", he stated.
The Armenian National Statistical Service reports that in 2015 the net inflow of foreign investments in Armenia's economy dropped by 26.1% to 123.7 bln AMD or $255.6 mln. In the light of changes of the investment statistics format, the analysts of the ArmInfo rating service have estimated presumable slowdown of decline in this indicator from 34% in 2014. The direct foreign investments in the net inflow of foreign investments totaled 70.4 bln AMD or $145.6 mln (39.9% drop in 2015).
To recall, International Monetary Fund (IMF) upgraded its forecast for Armenia's economic growth in 2016 to 2.25-2.5%. 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 has revised its economic growth forecast for Armenia in 2016 from the previous 3.2- 3.9% to 1.6-2.7%, according to the CBA's 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.