IMF downgrades Armenia economic growth outlook to 1.9% for 2016

PanARMENIAN.Net - In a fresh, April issue of World Economic Outlook, the International Monetary Fund downgraded outlook for Armenia’s economic growth to 1.9% for 2016, ARKA reports.

In its previous report issued in October 2015, the IMF expected Armenia’s GDP to grow 2.2% in 2016; only a week ago, IMF Mission Chief to Armenia Hossein Samiei said that the coutry will show between 2.25% and 2.5% economic growth in 2016.

In its April report for 2017, the IMF predicts a 2.5% economic growth for the country.

Inflation in Armenia is projected to stand at 2.6% (3.4% in the previous forecast) in 2016 and at 4% in 2017.

According to the IMF forecast, unemployment rate in Armenia will rise from 17.7% in 2015 to 18.2% in 2016 and 18.3% in 2017.

The IMF analysts also downgraded economic outlooks for other CIS countries, including Georgia, Ukraine and Turkmenistan.

A 2.2% GDP growth is envisaged In Armenia’s government budget for 2016.

According to the World Bank’s latest report, a 1.9% economic growth is expected in Armenia in 2016; the Eurasian Development Bank predicts 2-2.5% growth, Fitch forecasts up to 2% increase, and Moody’s predicts a slowdown to 2.2%.

The National Statistical Service of Armenia says the country’s economic growth stood at 3% in 2015 against the 4.1% projected in the government budget, GDP amounted to AMD 5 047.4 billion or about $10.56 billion ($1 – AMD 481.94 exchange rate in 2015).