IMF: Armenia faces no threat of double-dip crisis

18.02.2010 12:03
IMF: Armenia faces no threat of double-dip crisis

YEREVAN, February 18. /ARKA/. On Wednesday, Mark Lewis, the head of International Monetary Fund’s mission in Armenia, told ARKA News Agency that he found double-dip crisis in Armenia unlikely.

He finds the structural reforms aimed at improvement of tax administration and financial system as well as additional efforts to intensify competition and build up productivity very important for microeconomic stability and maintenance of sustainable economic growth.

Lewis also stressed the importance of additional efforts to improve social services and reduce poverty.

Earlier, Helena Schweiger, the chief economist at European Bank for Reconstruction and Development voiced a similar view – Armenia is not threatened with double-dip recession.

According to the National Statistical Service of Armenia, the country’s GDP reduced 14.4% in 2009, compared with the previous year, to AMD 3165.5 billion.

Armenian government has planned 1.2% economic growth for 2010. ($1=AMD 381.33). -0-

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