Armenia to face economic recession

“This year’s 16.3-percent economic decline is much more serious than we expected,” Armenian Deputy Minister of Finance Vardan Aramyan told reporters.

He said Armenian construction sector experienced the most serious decline in the first half of this year, with an 11.5-percent decline in country’s industry.

He said the world economy suffered a 6-percent decline. “Neither Russia nor the world market expected such a situation. The International Monetary Fund (IMF) has adjusted its forecasts not in favor of the countries,” Aramyan said.

The IMF has several times adjusted its forecasts for the European Union (EU). Last December the IMF forecast 0.5 percent economic growth in the EU. The forecast was then adjusted as follows: a 1.5-percent, 3.2-percent and 4.2 percent decline. At present, the IMF forecasts a 4.8-percent economic decline in the European Union for this year.

/News.am/