EU predicts recession will continue through 2013May 3, 2013 - 13:44 AMT PanARMENIAN.Net - The European Union is predicting that the recession in the 17 EU countries that use the euro will continue through 2013 with unemployment remaining at record levels. In its spring economic forecast on Friday, May 3, the EU said that gross domestic product in the eurozone will shrink by 0.4 percent this year, better than the 0.6 percent for 2012. Some countries, however, will fare worse than others. In crisis-hit Cyprus, GDP is set fall by 8.7 percent this year. Unemployment across the eurozone is expected to hit an average of 12.2 percent, up from 11.4 percent in 2012. In both Greece and Spain it is expected to peak at 27 percent. Commissioner Olli Rehn said that "in view of the protracted recession, we must do whatever it takes to overcome the unemployment crisis." Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Ucom’s fixed network launches in Nor Hachn City residents will be able to use fixed-line Internet, mobile communications and television in one package at more affordable prices. Armenia parliament to consider draft proposal on impeachment June 17 The Armenian Parliament will hold an extraordinary session on June 17 to consider a draft proposal on the resignation of the government. Armenia to send Deputy Foreign Minister to Berlin’s Ukraine Recovery Conference Georgia will attend the forum at the level of Prime Minister, Foreign Minister, while Azerbaijan will send their Foreign Minister. About 173 million drams and more than 30 beneficiary funds. "The Power of One Dram" is 4 years old In June 2020, the exclusive joint corporate social responsibility initiative of Idram and IDBank "The Power of One Dram" was launched. |