Yerevan/Mediamax/. Growth of Armenian economy in 2011 is forecasted at the level of 4.5% by European Bank for Reconstruction and Development (EBRD).

Mediamax reports that, presenting in Yerevan today the EBRD report on the situation of Armenian economy, chief economist of the bank Erik Berglof stated that GDP growth will be related to activation of money transfers from abroad and increase of prices for raw metals, exported from Armenia.

Answering the question on the tools for deterring high inflation, EBRD representative stated that besides steps on toughening monetary-credit policy, Armenian authorities should speed up institutional reforms, struggle against corruption and formation of auspicious and competitive business environment.

Erik Berglof stated that in the sphere of institutional reforms and struggle against corruption, Armenia should adopt the practice of Georgia, “which has reached impressive results as to this matter”.