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YEREVAN, April 12 The International Monetary
Fund expects Armenia's gross domestic product to grow by 3
percent and annual inflation to reach 2 percent in 2017, Hossein
Samiei, the IMF mission chief, said on Wednesday.
The IMF mission completed its visit to Armenia this week.
Armenia, a country of 3.2 million people, depends heavily on
aid and investment from Russia, whose economic downturn has hit
Armenian exports and much-needed remittances from Armenians
"Foreign capital expenditure could be higher than was
expected in December," Samiei told a news conference.
In December, the IMF forecast 2017 economic growth of 2.7
percent. The economy grew 6 percent in the first quarter of
2017, IMF data show.
Remittances and copper prices have also picked up and growth
in Russia should improve this year, Samiei said. He cautioned
that the recovery in remittances and copper prices might not
last and growth in key trading partners may be weaker than
He said that the government promised to put effort into
diversifying exports, tackling corruption and implementing
(Reporting by Hasmik Mkrtchyan; writing by Margarita Antidze;
editing by Larry King)