The International Monetary Fund (IMF) has forecast 1% economic recession in Armenia in 2015. IMF yet makes no projections for 2016.

It is stated in IMF’s “World Economic Outlook: Uneven Global Recovery, Complex Underlying Currents” survey published on April 14.

According to IMF, economic downward in Armenia is accounted by both Russia’s economic developments and decline in international prices for raw materials.

IMF predicted 0.6% and 2.5% growth in Azerbaijan and 2% and 3% growth in Georgia in 2015 and 2016, respectively.

A few days ago on April 8, International Monetary Fund (IMF) Mission Chief to Armenia Mark Horton told journalists that there will be roughly 0% economic growth with slight variations in Armenia in 2015.

It should be recalled that in October 2014, IMF predicted 2.6% growth for Armenia in 2015.

By the way, the Armenian government predicted 4.1% economic growth in Armenia in 2015, while the Central Bank expects economic growth in between 0.4-2%.

At the same time, the European Bank for Reconstruction and Development (EBRD) expects 0% growth in Armenia in 2015, while the Asian Development Bank – 1.6%.