Republic of Armenia: 2017 Article IV Consultation and Fifth and Final Review Under the Extended Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Armenia

International Monetary Fund

No 2017/226, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2017 Article IV Consultation highlights that Armenia’s growth has been satisfactory with inflation under control, the fiscal situation broadly well managed, and foreign exchange reserves enhanced. In 2016, GDP growth was only 0.2 percent, deflationary pressures persisted, and the fiscal deficit rose to 5.6 percent of GDP. Economic activity in 2017 has shown signs of recovery, accompanied by a pickup in inflation and private sector credit growth, supported by monetary policy easing. With improving outlook in major trading partners and a pickup in private sector activity, real GDP is projected to grow by about 3 percent in 2017, while inflation would reach about 2 percent by end-2017.

Keywords: ISCR; CR; Armenia; headline CPI inflation; narrowing current account deficit; inflation path; debt-brake mechanism; private sector development; Armenia's authorities; IMF TA; EBRD ASB team; credit growth; Capital spending; Fiscal rules; Global; Eastern Europe (search for similar items in EconPapers)
Pages: 104
Date: 2017-07-19
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