YEREVAN. – The European Bank for Reconstruction and Development (EBRD) projects a 1- to 3-percent economic growth for Armenia in the current year.

Head of the EBRD Yerevan Office, Mark Davis, stated the abovementioned at a discussion on Wednesday. He added that they have improved their respective forecast.

Davis assessed the year 2015 and specifically said: “The year is interesting, which was full of regional stress that impacts Armenia. (…). This will have a negative impact on investments. (…). The agricultural growth was very large [in Armenia], but this was recorded against the low base last year. The second positive [thing] is that another copper mine was launched [in the country].” 

In his words, although the remittances to Armenia have fallen considerably, the country’s consumers continue to spend.

“But unlike the imported products, the spending on domestic goods has increased,” concluded the EBRD official. “This shows the real resistance of Armenia’s economy in response to the regional stress. But this doesn’t mean that the negative consequences will not be felt in the long run.”