World Bank Regional Director for the South Caucasus deems achievement of 7% economic growth “possible” in Armenia.

Asad Alam stressed the role of the government’s program, political changes and the global economy in achievement of the progress.

In this context, he noted that Armenia already secured 4,7% growth in the first quarter of 2012, with indices for June expected to be even higher.

“Production and export industries served locomotive for progress, with agriculture indices to be considered in 3-4 quarters,” Mr. Alam said, adding that World Bank forecasts totaled 4,1%-4,3% in the first quarter of2012.

Asad Alam will leave post and become World Bank Regional Director for South Africa. Henry Keraly has been appointed the new Regional Director for the South Caucasus effective July 1, 2012.