The International Monetary Fund (IMF) and the World Bank (WB) have reaffirmed their strong support for the reopening of the Turkish-Armenian border, saying that its positive impact on Armenia’s economy could be felt as early as next year, reported Armenian service of Radio Liberty.

In her interview with the service, Ratna Sahay, Deputy Director of the IMF’s Middle East and Central Asia Department, said the growth rate could well be higher if the Turkish-Armenian border is reopened. The IMF forecasts 1% economic growth in Armenia for next year.

Indermit Gill, WB Chief Economist for Europe and Central Asia, said that the reopening of the border will produce a positive effect on Armenia’s economy very quickly.

Both officials emphasized the fact that Armenia is a landlocked country with high transportation costs that hamper economic activity and badly needed foreign investment.

Ratna Sahay is sure that an open border with Turkey will make Armenia more attractive to foreign investors.