ADB forecasts GDP growth slowdown in Armenia

ADB forecasts GDP growth slowdown in Armenia

PanARMENIAN.Net - Armenia’s GDP growth acceleration for 2012-2013 will be restricted by weakening of economies of European countries and their possible negative impact on Russia, which is the key source of remittances to the country, according to Asian Development Outlook annual report published on Asian Development Bank (ADB) official website.

ADB forecasts up to 3,8% slowdown in GDP growth in 2012 and acceleration up to 4,2% in 2013.

“Structural political reforms are already implemented with creation of electronic inventory of property among them. Automated construction permit will help boost the investment climate,” ADB experts say.

“Inflation will drop to 4,1% in 2012 and will rise to 4,5% in 2013,” they say.

“Continuation of reforms in tax and customs sector and improvement of business environment will ensure sustainable economic growth and diversification of economic base, though the products of reforms may take quite long,” the financial institute advises.

 Top stories
A reformed inspections system will mean reduced inspections for less riskier businesses, saving them time and resources.
Armenia saw remarkable economic growth and poverty reduction in the period preceding the global financial crisis of 2008–2009.
Priority needs will be identified through assessments of economic development potential and prioritization by the communities.
However the proportion of women reaching the top tier of the business world has shown little progress over the past decade.
Partner news