IMF downgrades Armenia economic growth outlook to 1.9% for 2016April 13, 2016 - 15:24 AMT 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). 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 | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |