Armenia may have 4-5% economic growth in 2011, says World Bank officer

Economic growth in Armenia may reach 4-5% in 2011 given there are favorable conditions, Jean-Michel Happi, the head of World Bank's Yerevan Office, has said.

"I hope that given there are the main factors ensuring economic growth in Armenia - current reform programs, consolidation of budget and debts, improvement of business environment – the growth will increase in 2011, which will make it possible for the economic growth to reach 4-5 per cent," said he.

Further he said that Armenia's economy is still vulnerable.

"We all saw what happened in agriculture in 2010. And we also saw what happened in the construction sector, when the remittances were cut off," said he, adding that Armenia had good results in exports last year.

Jean-Michel Happi also spoke about the challenges that Armenia will face in 2011. The main task, according to him, will be addressing what he called the "structural weak sides" in an attempt to boost growth.

"The 2011 challenge will be responding to the weak sides of the economy which will make it possible to boost the economic growth registered by the private sector," he explained.