Given the crisis in Europe, economic forecasts need to be reviewed, the World Bank Country Manager for Armenia said.

According to Jean-Michel Happi, the basic WB forecast for Armenia in 2012-2013 makes 4.2%. “This is first of all stipulated by our 4-4.5% inflation forecasts,” Happi said at a press conference in Yerevan on February 17.

Jean-Michel Happi also noted that Armenia’s economy remains vulnerable to foreign challenges due its openness; this can also affect the forecasts. Among other factors that may influence the international structure’s forecasts he named the decline of main export prices, delay of foreign investments, reduction of remittance from countries characterized by slowing down of growth rates.

The economic growth in 2012 in Armenia is expected to make 4.2% and the inflation 4±1,5% by the budget.