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Jean-Michel Happi: Armenia to register 4-5% GDP growth in 2011

Jean-Michel Happi: Armenia to register 4-5% GDP growth in 2011

PanARMENIAN.Net - Jean-Michel Happi, the World Bank Country Manager for Armenia, said that certain rehabilitation was witnessed of Armenia’s economy in 2010, with the country’s 2.4% GDP growth.

“However, we hope that as a result of implementation of the current program of reforms and tax-budgetary and debt consolidation, as well as due to improvement of the business environment in case of favorable climatic conditions, the GDP growth will amount to 4-5% in Armenia in 2011,” Happi told a press conference.

According to him, Armenia’s economy still has many weaknesses, what is proved by the decline in agriculture in 2010 and recession in the construction industry during the crisis as a result of drop in remittances.

“Stimulation of the most vulnerable fields of economy is the main challenge currently that will allow increasing the economic growth due to the private sector,” he said.

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