Armenian authorities resolved to secure economic growthTigran Sargsyan: it is evident that the world will not return to its pre-crisis economic model. However, the new model has not been developed yet, what is a serious challenge. The world economy is moving from a post-crisis bounce-back phase of the recovery to slower but still solid growth this year and next, with developing countries contributing almost half of global growth, according to the World Bank’s latest Global Economic Prospects 2011. January 15, 2011 PanARMENIAN.Net - The World Bank estimates that global GDP, which expanded by 3.9% in 2010, will slow to 3.3% in 2011, before it reaches 3.6% in 2012. Developing countries are expected to grow 7% in 2010, 6% in 2011 and 6.1% in 2012. They will continue to outstrip growth in high-income countries, which is projected at 2.8% in 2010, 2.4% in 2011 and 2.7% in 2012. In an assessment of the global economy at the end of 2010, and the prospects for 2011, IMF said that countries should continue to focus on rebalancing their economies in the coming year, including structural measures and exchange rate adjustments. Jean-Michel Happi, the World Bank Country Manager for Armenia, said that certain rehabilitation was witnessed of Armenia’s economy in 2010, with the country’s 2.4% GDP growth. “However, we hope that as a result of implementation of the current program of reforms and tax-budgetary and debt consolidation, as well as due to improvement of the business environment in case of favorable climatic conditions, the GDP growth will amount to 4-5% in Armenia in 2011,” Happi said. According to him, Armenia’s economy still has many weaknesses, what is proved by the decline in agriculture in 2010 and recession in the construction industry during the crisis as a result of drop in remittances. “Stimulation of the most vulnerable fields of economy is the main challenge currently that will allow increasing the economic growth due to the private sector,” he said. Happi forecast a dramatic drop in medium price index, with 4-5% inflation rate. “9,4% inflation registered in 2010 was caused by food products’ price upsurge, as well as high tariffs for transport, grain crop and raw materials,” he said. Meanwhile, Armenian Prime Minister Tigran Sargsyan said that after the global financial crisis it is evident that the world will not return to its pre-crisis economic model. However, the new model has not been developed yet, what is a serious challenge, Sargsyan told a government sitting. 2011 will be a year of hard work, economy’s rehabilitation and diversification, according to him. Victoria Araratyan / PanARMENIAN News Most popular in the section Armenia’s “useless” manpower Small and medium sized businesses weigh in on consequences of war Hybrid banknotes New markets opening for home-grown products More articles in this section 4 rules for business success An ultimate guide Reduction of personnel and tax collection growth State Revenue Committee changes its policy Countries and goods that boosted Armenian export in 2016 Record figures | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |