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EBRD upgrades GDP growth forecast for Armenia

EBRD upgrades GDP growth forecast for Armenia

PanARMENIAN.Net - The European Bank for Reconstruction and Development (EBRD) released an economy development forecast for Eastern Europe and Central Asia, downgrading general economy growth up to 3% for 2013.

Contrary to positive expectations, Ukraine was given the worst forecast of a 1% growth. Bosnia, Herzogovina and Croatia were the only ones with lower growth projections (0,8%.) A 0,1% and 2 drop is expected in Hungary and Slovenia respectively.

EBRD has upgraded its outlook for Armenia’s GDP growth to 5%; Azerbaijan was given a 4% increase forecast; Russia’s GDP will also grow to 3,5%.

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Annual deflation in the country was at 1.9% in August, compared to 1.3% deflation in July, according to central bank data.
Armenia has been listed in the top 20 among the world’s most economically free countries, raking the 18th out of 159 countries and territories.
Another of the issues the PM weighed in on was corruption. He said that new committees will be established to tackle the issue.
The foreign debt makes up around $4.5 billion, including the government’s $3.99 billion and the Central Bank’s $502.4 million debts.
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