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WB specialist: Armenia may gain 7% GDP growth in 2012
- Friday, June 22, 00:18
Armenia may gain 7% GDP growth in 2012, Asad Alam, the World Bank (WB) Regional Director for South Caucasus at the Europe and Central Asia Department, who is completing his mission, said at today's press conference.
A few days ago Armenian President Serzh Sargsyan instructed the Government to ensure 7% economic growth in 2012. Asad Alam thinks that the 7% economic growth is achievable, but a lot will depend on the Government's actions and the global economic situation.
Asad Alam pointed out that in early 2012 the WB forecasted 4.1% GDP growth for 2012. Over Q1 2012, the GDP growth made up 4.7% as compared with the same period of 2011. The economic growth engine is export and industry, Alam said. The growth in agriculture will be more tangible in Q3 and Q4 2012, he added. He said that the WB specialists are waiting for the official statistics as of late July to update in autumn their forecast for Armenia's GDP for 2012.
Speaking of internal risks, Alam said that the Government of Armenia faces the task to ensure more open and competitive economy and to raise the tax collection, which can ensure a more effective fight against poverty.