YEREVAN. – The European Bank for Reconstruction and Development (EBRD) forecasted a 5-percent economic growth for Armenia in its last report issued in May, EBRD expert Alexander Pivovarsky told reporters on Friday.

However, the report did not take into consideration surprise rise in gas and electricity prices, he added. The expert said that price hike can have an opposite effect on the forecasts.

“The last months were unfavorable for all countries where EBRD is working. The eurozone is in stage of recession, Russia’s economic growth has slowed down. Turkey and Poland, our two major partners, are showing slow progress, too. A 4-5% growth for Armenia will be a good result,” he said.

EBRD President Suma Chakrabarti noted that Armenia is accustomed to considerable growth, and 4-5 percent is not enough.

“I am a citizen of UK, and I remember that the economic growth exceeded two percent only when I was a child,” he emphasized.

Last year Armenia’s economic growth amounted to 7.2 percent. Armenian government set a 6.2% economic growth in 2013.