IMF downgrades Armenia economic growth outlook to 1.9% for 2016April 13, 2016 - 15:24 AMT PanARMENIAN.Net - In a fresh, April issue of World Economic Outlook, the International Monetary Fund downgraded outlook for Armenia’s economic growth to 1.9% for 2016, ARKA reports. In its previous report issued in October 2015, the IMF expected Armenia’s GDP to grow 2.2% in 2016; only a week ago, IMF Mission Chief to Armenia Hossein Samiei said that the coutry will show between 2.25% and 2.5% economic growth in 2016. In its April report for 2017, the IMF predicts a 2.5% economic growth for the country. Inflation in Armenia is projected to stand at 2.6% (3.4% in the previous forecast) in 2016 and at 4% in 2017. According to the IMF forecast, unemployment rate in Armenia will rise from 17.7% in 2015 to 18.2% in 2016 and 18.3% in 2017. The IMF analysts also downgraded economic outlooks for other CIS countries, including Georgia, Ukraine and Turkmenistan. A 2.2% GDP growth is envisaged In Armenia’s government budget for 2016. According to the World Bank’s latest report, a 1.9% economic growth is expected in Armenia in 2016; the Eurasian Development Bank predicts 2-2.5% growth, Fitch forecasts up to 2% increase, and Moody’s predicts a slowdown to 2.2%. The National Statistical Service of Armenia says the country’s economic growth stood at 3% in 2015 against the 4.1% projected in the government budget, GDP amounted to AMD 5 047.4 billion or about $10.56 billion ($1 – AMD 481.94 exchange rate in 2015). 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 | Armenia, Turkey discuss restoration of historic bridge The meeting took place on May 17 in Ashgabat on the sidelines of an international conference of ministers of culture. EU welcomes Armenia-Azerbaijan “progress” The EU has welcomed “progress” made in the framework of the Armenia-Azerbaijan border delimitation process. Belarus opposition leader slams Lukashenko for Karabakh trip Belarusian opposition politician Sviatlana Tsikhanouskaya has harshly criticized the visit of Lukashenko to Karabakh. Mkhitaryan raises arrest of former Karabakh leaders in Azerbaijan Inter Milan star Henrikh Mkhitaryan has shared a news story about the extension of the arrest of former Karabakh leaders. |