Armenian economy to slash by 14 percent in 2009: EBRD

30.11.2009 11:39
Armenian economy to slash by 14 percent in 2009: EBRD

YEREVAN, November 30, /ARKA/. Valeriu Razlog, head of the European Bank for Reconstruction and Development (EBRD) Yerevan Office, predicted a 14% full-year economic contraction of Armenian economy in 2009 and a 1.3% GDP growth in 2010.

In an interview with ARKA news agency he said the 1.2% growth projected by the government’s next year budget is in tune with EBRD’s expectations.

Armenia’s 2010 draft budget projects 1.2% growth. Razlog declined to assess the efficiency of the government’s anti-crisis measures saying it will have to work hard next year. In his opinion, the efficiency of the anti-crisis program will be obvious in 2010.

The EBRD expects its commitments in Armenia to reach approximately $150 million by the end of 2009 from $75 million in 2008. To date the EBRD has invested over 335 million Euros across more than 70 projects in various sectors of the Armenian economy. -0-


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