Armenia’s economy will never see positive shocks: IMF

The developments in Armenia’s economy are generally consistent with the forecasts made by the International Monetary Fund, IMF’s Resident Representative in Armenia Guillermo Tolosa told a press conference today.

“The forecasts are the same as we made in May – 4.8 per cent economic growth for 2010. Also we expect a decrease in inflation indicator till the end of this year,” said he.

According to Mr Gillermo instead of the high economic growth of the first quarter we have now in Armenia more stable but low indicators now.

“A very high growth was registered in the first quarter conditioned by a series of extraordinary circumstances. Now the growth has simply been normalized.”

In his words though the financial-economic crisis is over now, it does not mean there will be no difficulties in the future.

“It is very important that Armenia’s Government adopts a relevant policy so that to duly react to the challenges,” explained he.

According to Mr Guillermo what happened in Armenia’s economy during 2003-2008 will not repeat again.

“I mean a series of positive shocks that took place in Armenia’s economy in 2003-2008. The situation will differ in the future,” said he.

Further Mr Guillermo said that IMF has planned that in the mid run Armenia’s state debt will decrease.

“In our scenarios we do not see any risk relating to the amount of state debt,” said Mr Guillermo.