WB: Recession of Armenian economy suspendsAugust 31, 2009 - 15:15 AMT PanARMENIAN.Net - Decline of Armenia's economy within June-July was suspended, Aristomene Varoudakis , the head of World Bank Yerevan Office, said. "Despite the significant slowdown of the economy, certain positive trends in July compared with June, are encouraging," he said."Many of the changes are temporary in nature, but in general it appears that the decline of the economy stalled," Mr. Varoudakis said. According to him, in July compared to June 2009, construction industry turnover (the worst affected sphere) increased by 4,5 per cent, industrial production grew by 6 per cent, electricity output grew by 2 per cent. As for inflation, as the World Bank projects, at the end of the year it will amount to about 6 per cent. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |