ADB: Armenian economy undergo most dramatic decline in the region: 9,9 per cent of GDP drop.September 22, 2009 - 13:43 AMT PanARMENIAN.Net - The global crisis, reduction of trade with Russia and remittances from migrants living in Russia have had a heavy impact on the economy of Transcaucasia and Central Asia in 2009. Armenia, Georgia and Kazakhstan have had the greatest losses. Rich in resources, but rather closed for the outside world Uzbekistan and Turkmenistan are in the most favorable conditions. This data was provided by the report of Asian Development Bank (ADB). According to the report, the amount of transfers from migrants in Russia to the region fell by about 25.5 percent over the first half of 2009. "Since these transfers are the main source of income for some countries, it will have negative impact on domestic consumption and undermines the payment balances," experts of the bank say. This year, Armenia's GDP will drop by 9.9 per cent, which is the highest decline in the region, the ADB experts forecast. Previously, they predicted 0.5 per cent of growth to the country. ADB observes underdeveloped infrastructure, falling exports, low volume of remittances from abroad, falling investment and crediting in Georgia. In 2009, instead of previously predicted 2.5 per cent growth GDP will fall by 4 per cent. GDP of Kazakhstan will likely to shrunk by 1 per cent, ADB reports. Despite a good global demand for oil and gas, decline is also forecasted for Azerbaijan: 3 per cent growth instead of 8 per cent of expected. In Kyrgyzstan instead of expected 4 per cent of growth , 1 per cent is forecasted, in Tajikistan - instead of 3 per cent - 0,5 per cent, in Turkmenistan - instead of 10 per cent - fairly respectable 8 per cent. ADB experts left unchanged the GDP growth of Uzbekistan: 7% this year. 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 | 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. Aliyev travels to Turkey at Erdogan's invitation On June 10, Azerbaijani President of Azerbaijan Ilham Aliyev will leave for Turkey on a working visit. CSTO budget “to be adjusted due to Yerevan’s non-payment of contributions” The CSTO budget for the current year requires adjustments due to the refusal of Yerevan to pay their share of contributions. Russia sends note of protest to Armenia over envoy’s trip to Ukraine’s Bucha Russia has sent a note of protest to Armenia over the visit of Vladimir Karapetyan and Tigran Ter-Margaryan to Bucha. |