17:32, 6 June 2009

World Bank predicts stabilization of Armenian economy

The World Bank (WB) expects stabilization in Armenian economy by the end of 2009. This was stated by Aristomene Varudakis, head of the Yerevan-based WB's office.

Mr Varudakis has noted that the recession in economy of Armenia in the first 4 months of 2009 made 9.7 percent as compared with the similar period of 2008. At the same time, according to his version, the WB expects appearance of positive tendencies in Armenian economy already in 2010. He said that today the US economy, same as the financial situation in the world as a whole, is already in the stabilization phase.

Besides, according to Mr Varudakis, the situation is now already better with accessibility of financial markets for developing countries; while oil prices went up by 6.6 percent that is favourable to some countries of the region, especially for Russia. Improvement of the situation in Russia will promote growth of volumes of money transfers to Armenia.

Author: Lylyt Ovanisyan

Source: CK correspondent