International Monetary Fund predicts 2% economic growth for Armenia in 2010

Armenia will see 2% economic growth in 2010, according to an International Monetary Fund prognosis. The head of the IMF delegation to the country Mark Lewis said that moderate growth is expected in the mountain mining, agriculture and service spheres. He said that after a hard 2009 the economic situation in Armenia has likely stabilised and in 2010 a restoration of previous levels of Real GDP is expected.

Instead of the 7.5% inflation of 2009 Armenia will have 6% inflation in 2010, according to the IMF delegation head. The increase in inflation in Armenia in 2009 was linked with external factors, the devaluation of the currency at the beginning of the year, the change in the world prices of certain products and an increase in price regulation, Lewis said.

In 2010 the IMF will allocate a loan of USD 74 million for Armenia. In total the country will receive more than USD 800 million from the International Monetary Fund. Armenia has already received half this amount. The rest of the money Armenia will get by the end of June 2011.