Sun, 14 September
18.1 C
Yerevan
USD: 383.47 RUB: 4.56 EUR: 449.96 GEL: 142.03 GBP: 519.91

Economic recovery process to be protracted: World Bank

YEREVAN, March 17, /ARKA/. Head of World Bank Yerevan Office, Aristomene Varoudakis, said today it will take Armenia a long time to be back on the track of economic recovery.

He said the World Bank hopes that the country has approached close to overcoming the economic crisis and that the economy will begin to stabilize.

‘We can see this trend from the results of the first month of this year, but it is important that everyone understands that the process of economic recovery is going to be protracted ,’ he said at a news conference.

Armenian GDP grew by 2.4% in January 2010 if compared to 2009 January. Mr. Varoudakis reminded that the growth was secured by two sectors- construction and mining industry. He said it will be difficult for these two sectors, especially construction, to regain the previous strength, because there are still unfinished buildings, unsold apartments and commercial space.

“As long as these apartments and commercial space are not sold, and the unfinished buildings are not finished, I do not see any opportunity for new investments,’ he said. Her also pointed out the need for diversifying the economy in the next 2 years.

Armenian government predicts a 1.2% economy growth this year. Earlier World Bank, EBRD and IMF predicted a 2 % growth.  -0-

spot_img

POPULAR

3.6% inflation registered in Armenia in August

n the consumer market of Armenia, 12-month inflation in August of this year amounted to 3.6%, according to the report of the National Statistical Committee (NSC) of Armenia.

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

Central Bank of Armenia initiates discussions on draft by-laws related to Law on Cryptoassets

The Central Bank of Armenia is set to conduct a public discussion on  the draft by-laws essential for implementing the Law on Cryptoassets, which became effective on July 4 of this year, as reported by the regulator's press service.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Ranking of the most profitable banks in Armenia based on results of second quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the second quarter of 2025.

LATEST NEWS

spot_imgspot_imgspot_img