Armenian economist says WB and IMF forecast do not correspond to reality
YEREVAN, 21 April. /ARKA/. Pessimistic forecasts of the World Bank and the International Monetary Fund (IMF) about Armenia's economic growth do not always correspond to reality and harm Armenia, as they scare away potential investors, economist Tatul Manaseryan said today.
'In late 2014, these organizations predicted a decline of our economy or even zero growth. Fortunately, their forecasts did not materialize,' he said.
In his words, the Armenian economy has good potential, as the level of its diversification is higher than, for example, in Russia.
"Some experts argue that Armenia's accession to the Russia-led Eurasian Economic Union (EEU) is having a negative impact on its economy. But no economy in the world can feel the benefits of a membership in a trade bloc in a month or even a year," said Manaseryan.
According to him, the government has the potential to triple the economic growth recorded last year.
"Fortunately, our economy is on the rise, and I hope that these trends will continue throughout 2016. There are positive developments in the government's economic policy, which can contribute to the improvement of the situation, despite the slowdown across the post-Soviet space," Manaseryan said.
Manaseryan also argued that the escalation of tension in Nagorno-Karabakh can not affect the country's economy. According to him, those who are familiar with the peculiarities of the Armenian economy and today's realities, know that the tension can not be an obstacle, because "we have been living in these conditions for 25 years."
In its latest economic update the World bank said growth in Armenia is projected to slow to 1.9 percent in 2016, on the back of continued weaknesses in the external conditions and fiscal tightening. The government’s projection is 2.2 percent.
Similarly, the International Monetary Fund has downgraded outlook for Armenia’s economic growth in 2016 to 1.9%. In its previous report issued in October 2015, the IMF expected Armenia’s GDP would grow 2.2% in 2016. -0-
'In late 2014, these organizations predicted a decline of our economy or even zero growth. Fortunately, their forecasts did not materialize,' he said.
In his words, the Armenian economy has good potential, as the level of its diversification is higher than, for example, in Russia.
"Some experts argue that Armenia's accession to the Russia-led Eurasian Economic Union (EEU) is having a negative impact on its economy. But no economy in the world can feel the benefits of a membership in a trade bloc in a month or even a year," said Manaseryan.
According to him, the government has the potential to triple the economic growth recorded last year.
"Fortunately, our economy is on the rise, and I hope that these trends will continue throughout 2016. There are positive developments in the government's economic policy, which can contribute to the improvement of the situation, despite the slowdown across the post-Soviet space," Manaseryan said.
Manaseryan also argued that the escalation of tension in Nagorno-Karabakh can not affect the country's economy. According to him, those who are familiar with the peculiarities of the Armenian economy and today's realities, know that the tension can not be an obstacle, because "we have been living in these conditions for 25 years."
In its latest economic update the World bank said growth in Armenia is projected to slow to 1.9 percent in 2016, on the back of continued weaknesses in the external conditions and fiscal tightening. The government’s projection is 2.2 percent.
Similarly, the International Monetary Fund has downgraded outlook for Armenia’s economic growth in 2016 to 1.9%. In its previous report issued in October 2015, the IMF expected Armenia’s GDP would grow 2.2% in 2016. -0-