YEREVAN, February 18, /ARKA/. A former governor of Armenia’s Central Bank said today it may take the country’s economy from 2 to 3 years to recover to before-the-crisis level. Speaking at a news conference Bagrat Asatrian, said this would be possible given that the current growth rate is preserved.
‘I think the economy may expand from 3 to 4% at best this year,’ he said.
According to the official government data, Armenia’s Gross Domestic Product (GDP) showed a 2.6% rise in 2010 while inflation rose to 8.2%. The January inflation rate in 2011 was 2.8% as opposed to 2010 December.
According to Bagrat Asatrian, the economic growth this year would be driven primarily by agriculture, services and trade sectors. He also recalled that
Armenian growth in 2010 was driven y by industry and the mining sector, which benefited from a rally in prices for nonferrous metals. At the same time in 2010 Armenia saw the highest inflation rate and lowest economic growth over the last 15 years, he said.
For this year, the government, the International Monetary Fund, and the World Bank expect Armenia’s GDP to grow 4.6 percent. The World Bank said growth could reach 5 percent in 2012. -0-
