4% GDP growth in Armenia is not bad, but insufficient
YEREVAN, September 4. /ARKA/. The four-percent economic growth recorded in Armenia in the first half of is not a bad result, but it is insufficient, Tatul Manaseryan, an economist and the head of Alternative think tank, said Friday at a news conference.
«Armenia has a resource now for showing double-digit economic growth , and we see that rating agencies were wrong in forecasting a zero economic growth or decline to Armenia for 2015,» he said.
In his opinion, such forecasts were politically motivated – analysts tied economic growth in Armenia to things in Russia's economy.
«The recorded economic growth was possible thanks to agriculture and services,» Manaseryan said.
Explaining public distrust if the official figures, the economist said the thing is that the growth has no direct impacts on citizens' social standing.
Many international financial organizations lowered their outlooks for economic growth in Armenia in 2015. According to the latest reports, the World Bank predicts 0.8% economic growth, the Eurasian Development Bank forecasts 3.8%, the European Bank for Reconstruction and Development expects stagnation and Asian Development Bank a 1.6% growth.
Fitch agency expects a mild recession triggered by deterioration in Russia and Moody's forecasts a 2.3% growth.
In its latest report, the Central Bank of Armenia upgraded its economic growth outlook saying GDP in Armenia will stand between 2.1% and 2.5% in 2015.
In the government budget for 2015, GDP growth is projected at 4.1% and inflation at 4% (±1.5%). ----0---
«Armenia has a resource now for showing double-digit economic growth , and we see that rating agencies were wrong in forecasting a zero economic growth or decline to Armenia for 2015,» he said.
In his opinion, such forecasts were politically motivated – analysts tied economic growth in Armenia to things in Russia's economy.
«The recorded economic growth was possible thanks to agriculture and services,» Manaseryan said.
Explaining public distrust if the official figures, the economist said the thing is that the growth has no direct impacts on citizens' social standing.
Many international financial organizations lowered their outlooks for economic growth in Armenia in 2015. According to the latest reports, the World Bank predicts 0.8% economic growth, the Eurasian Development Bank forecasts 3.8%, the European Bank for Reconstruction and Development expects stagnation and Asian Development Bank a 1.6% growth.
Fitch agency expects a mild recession triggered by deterioration in Russia and Moody's forecasts a 2.3% growth.
In its latest report, the Central Bank of Armenia upgraded its economic growth outlook saying GDP in Armenia will stand between 2.1% and 2.5% in 2015.
In the government budget for 2015, GDP growth is projected at 4.1% and inflation at 4% (±1.5%). ----0---