World Bank on Armenian economy stabilisation

Armenia’s economy has declined 9.7% in the first four months of 2009 compared with the same period last year. However the World Bank’s Yerevan office thinks the Armenian economy will begin to stabilise by the end of this year and from 2010 will be growing again.

It is difficult to make absolutely correct prognoses on such matters in the midst of a world economic crisis and when the Armenian economy relies so much on Russia’s, which has been severely damaged by the crisis. The falling prices of oil has hit it particularly hard. However, although Russia is still in deep crisis, if things start improving this will definitely affect the Armenian economy in a positive way.