IMF forecasts 4% growth of economy in Armenia

Armenia’s economy is recovering, according to Regnum news agency. Gillermo Tolosa, resident representative of IMF in Armenia, predicts a 4% growth of its economic indicator in 2010 and 4.5% in 2011. An increase in money transfers and credit into the private sector is a clear indicator of such progress. Despite difficulties in the agricultural sector, the trade and the increase of transfers paint an optimistic picture. Armenia should increase its competitiveness in production diversity of its export and such steps will facilitate the improvement of the overall situation in the country. According to Tolosa, it is impossible for Armenia to satisfy its own needs without acquiring new markets, increasing exports and balancing trade. But overall, the IMF representative's tone was positive towards the economic climate in Armenia.