The European Bank for Reconstruction and Development (EBRD) has added its voice to forecasts that Armenia will fall into recession this year because of knock-on effects of Russia's economic troubles.
In a report published on Thursday, the London-based multilateral institution financing business projects in former Communist states said the Armenian economy will contract by 1.5 percent.
The International Monetary Fund similarly forecast a 1 percent reduction in Armenia's Gross Domestic Product in its World Economic Outlook released last month. It had earlier predicted a growth rate of 3.5 percent for the country.
The Armenian government publicly disagreed with the IMF projection, with Prime Minister Hovik Abrahamian saying that economic growth in the country will continue in 2015. Citing preliminary government estimates, Abrahamian said the domestic economy expanded by at least 2.5 percent in the first quarter of the year.
Armenian News
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