ArmInfo. RA Minister of Finance Vardan Aramyan took part in the plenary meeting of the International Monetary Fund and the World Bank in Washington. WB Group Chairman Jim Jong Kim and IMF Managing Director Christine Lagarde addressed the meeting.
As reported by the press service of the Armenian Ministry of Finance, Jim Yon Kim touched on global economic problems, noting the importance of forming a single agenda for improving human life. He also stressed the priorities of the World Bank, which include stable and inclusive economic growth and maximum investment in human capital.
Kristin Lagarde addressed the problems of eliminating inequality among people, youth, climate change, corruption, etc. She called for the unification of efforts of all countries in order to solve these problems.
Within the framework of the annual meetings, Armenian Minister of Finance Vardan Aramyan held discussions with representatives of VTB, Bank of America Merrill Lynch, Citibank, Deutsche Bank, J.P. Morgan and the rating organization Moody's. Vardan Aramyan presented the general budgetary situation in Armenia, budget planning mechanisms and its main principles, as well as plans for implementing program budgeting. The head of the Ministry of Finance also presented the pace of economic development, influencing factors and forecasts. During the meetings, the minister presented reforms in the tax system, changes in the fiscal sphere, stressing that they are aimed at ensuring stable economic growth in the long term. At the meeting with Moody's representatives, the minister presented the latest transformations in Armenia, noting the role of rating organizations in attracting foreign investments.
The annual meetings of the World Bank Group and the International Monetary Fund are to discuss issues such as the world economic prospects, poverty eradication, economic development and the effectiveness of the assistance provided. Within the framework of the latter, seminars, regional briefings, press conferences and many other events are also organized, aimed at the global economy, international development and the world financial system.
To recall, the WB forecast for GDP in Armenia is 2.7% with the acceleration of the rate in 2018 to 3.1%, in 2019 - up to 3.4%. According to the forecast of the EDB in 2017, the GDP of Armenia is expected to grow by 2.9%, the Asian Development Bank - by 2.2%. Fitch improved the forecast for GDP growth in Armenia in 2017 from the previous 2.1% to the current 3.4% with an acceleration to 3.6% in 2018. The state budget of Armenia for 2017 laid the GDP growth by 3.2%, but the government voiced a 5% growth. According to the updated forecast of the Central Bank, Armenia's GDP growth in 2017 will be 3.9-4.8%.
According to the National Statistical Service of Armenia, economic activity in January-August 2017 increased by 5.5% per annum, against growth of 2.4% over the same period in 2016. The acceleration of growth was mainly triggered by industry (12.4%), services (12.4%) and trade (12.3%). Foreign trade turnover in this period increased by 24.4% per annum, due to the growth of exports by 21.7% and imports - by 26%. In 2016, Armenia's GDP growth slowed to 0.2% from 3.2% in 2015, while deflation of the demand reached 1.1% in 2016, from 0.1% in 2015.