YEREVAN, November 2, /ARKA/. The World Bank projects a 4-5% full-year expansion for Armenia’s economy this year, head of World Bank Yerevan Office, Jean-Michel Happi, told ARKA today.
The projection is up from a 1.2% GDP growth forecast by the government. The International Monetary Fund projects that Armenian economy may grow by 4.8%. Mr. Happi said after a 14% decline last year the WB expect the Armenian economy to grow this year by 4-5%.
He said the World Bank is cooperating closely with Armenian ministries of finance and economy, the Central Bank and IMF to support government programs designed to secure sustainable growth.
‘Armenia has posted quite good results in enforcing reforms and in the area of administration and we closely cooperate with its authorities to maintain the current involvement level,’ he said.
Mr. Happi said also the government’s anti-crisis measures enabled the most vulnerable segments of the population to withstand the fallout from the 2009 global crisis. It was also instrumental to preserve the macroeconomic situation, according to him.
He added, however, that the impact was so severe that it could not fail to affect the living of many Armenian citizens resulting in growth of poverty. He said the government reforms are aimed on one hand at ensuring economic growth, supporting private sector, creation of new jobs, fostering exports and on the other at supporting the social sector. -0-
