The Armenian economy will likely contract by 1 percent this year due to spillover effects of Russia's economic troubles, the International Monetary Fund has said in a sharp downward revision of its growth projections for Armenia.
"Armenia and Belarus are projected to enter into recession in 2015, and Georgia's growth will slow. In all three economies, the downward turns reflect spillovers from Russia," the IMF said in its latest World Economic Outlook released late on Tuesday.
Mark Horton, the head of an IMF mission visiting Yerevan likewise predicted last week that economic growth in Armenia will be "close to zero" in 2015. He too cited the fallout from the recession in Russia, the South Caucasus state's leading trading partner and the main source of multimillion-dollar remittances.
Armenian News
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