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Greece may quit eurozone, while Armenia considers reinforcing macroeconomic stability

International agencies hailed Armenian government’s efforts to coordinate monetary-credit and tax and budgetary policy.

International institutions, in particular, the International Monetary Fund (IMF) are optimistic about economic growth worldwide, given the efforts of European states to tackle the debt crisis and increased rates of economic growth in U.S. Commenting on report on “Perspectives of global economy development”, IMF Economic Counsellor and Director of Research Department Olivier Blanchard said that the international economy has faced ups and downs over the past six months and now sees comparative stability.

PanARMENIAN.Net - According to the report, 3.5% global economic growth is expected in 2012, and the figure will be somewhat higher next year. IMF forecasts again predict better growth indicators for developing countries as compared to the developed ones. The U.S. economy will have a 2.1% growth in 2012; Europe’s GDP will see a 0.3% decline while China will record over 8% growth.

Armenia also claims stabilization in economy; leading international agencies highly assessed the governmental moves aimed at coordination of monetary-credit and tax and budgetary policy, as well as Armenia’s 2011 macroeconomic indices.

Speaking at the government session on May 17, Armenian Prime Minister Tigran Sargsyan highlighted cooperation with IMF, which “saw no problems, and IMF approved in May the program negotiated upon”.

Furthermore, the credit rating company Moody’s providing for favourable conditions for further economic growth in Armenia, was also positive in its assessment. The victory of the ruling coalition at May 6 parliamentary election is credit positive as it “will ensure a degree of political stability and policy continuity,” the agency said. Hence, the country will further be consistent in strengthening its macroeconomic stability.

Meanwhile, the European officials openly speak about possible withdrawal of Greece from Eurozone. Experts of the European Commission and European Central Bank are already developing a scenario for emergency moves in case Greece quits the Eurozone.

The first official confirmation came saying the European lawmakers are drafting a plan to alleviate consequences of Greek withdrawal from the monetary bloc.

Furthermore, at G8 summit ongoing in Camp David on May 18-19, U.S. president Barack Obama called on G8 member-states to focus on boosting and accelerating the economic growth in Europe.

Victoria Araratyan / PanARMENIAN News
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