B. Asatryan predicts 10 percent inflation rate by late 2010

“Armenia achieved much progress in 2010 compared to previous year. Over 8 months, we ranked last among CIS states, yet now we have improved our position by one point,” Bagrat Asatryan, former President of the Central Bank of Armenia, told a press conference. According to the expert, Armenia surpasses Kyrgyzstan in economic indicators.

The financier said that Armenia falls behind Azerbaijan, yet surpasses Georgia in economic development for 2009.

Touching upon National Statistical Service data, Bagrat Asatryan said GDP growth rate for the first nine months of 2010 is “a little sadder” than for the first eight months.

“GDP growth rate was only 2.8 percent over the nine months. GDP decreased 25 percent in September compared to August 2010,” Asatryan said.

The financier predicted 10 percent inflation rate by late 2010 which is unprecedented in Armenia’s history. In his opinion, such high inflation will negatively influence further developments.