Yerevan/Mediamax/. Business Monitor International (BMI) forecasts a 3,4 percent GDP growth in Armenia in 2011 and a 2 percent growth in 2012 taking into account the reduction of the volume of investments because of the crisis in the euro-zone.

Previous forecasts of BMI on the growth of the Armenian economy in 2011 and 2012 made correspondingly 6.2% and 5.8%.

BMI also forecasts depreciation of the Armenian dram up to AMD 390 for $1 in the short-term perspective, Mediamax reports.

According to BMI, the devaluation of the Armenian dram will occur because of the worsening balance of payments, reduction of transfers and spreading outflow of the capital from developing countries. At the same time, BMI thinks $1 won’t cost more than AMD 400 in Armenia.

London-based Business Monitor International publishes monthly regional reports on political risk and macroeconomic prospects for big businesses.

In accord with the previous forecast published in June, the exchange rate of the Armenian currency by late 2011 was expected to make AMD 350 for $1, by late 2012- AMD 340 for $1. Today, $1 in Armenia costs approximately AMD 380.