In a significant downward revision of its earlier projections, the World Bank said on Tuesday that economic growth in Armenia will likely slow to just under 1 percent this year due to spillover effects of a recession in Russia.
The bank forecast late last year that the Armenian economy will expand by 3.5 percent in 2015 — as fast as it did in 2014, according to official statistics. The Armenian government was even more upbeat, forecasting a growth rate of 4.1 percent.
Laura Bailey, the head of the World Bank’s Yerevan office, said that the figure is unlikely to exceed 0.8 percent. She warned that even this growth projection could prove overly optimistic in case of a deeper-than-anticipated crisis in Russia or renewed drastic fluctuations of the Armenian dram’s exchange rate.
Armenian News
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