YEREVAN (Novosti Armenia), May 17–The European Bank for Reconstruction and Development (EBRD) predicts a 10 percent GDP growth in Armenia in 2010. The ERDB’s previous forecast for 2010 growth in Armenia was 2 percent.

In its newly published regional economic prospects report the EBRD cites increased foreign remittances and a recent IMF program agreement as key drivers for the anticipated growth.

The GDP growth in Armenia will be 3 percent in 2011.

Azerbaijan will register 6 percent GDP growth in 2010 and 5 percent in 2011, with Georgia at 3.5 percent this year and 4.5 in 2011.

EBRD predicted 4.4 percent GDP growth in Russia for 2010 and 4.6 percent in 2011.

EBRD is a major international financial institution headquartered in London. The company, established for the development of market economy in countries in transition, conducts operations in various spheres of economy in 30 countries of Central and Eastern Europe, the CIS and Central Asia.

On May 14-15 the EBRD annual meeting and business forum “Building Sustainable Growth” was held in Zagreb. The event focused on the support of the regions in the post-crisis recovery period.

Delegations of 63 EBRD stockholder countries and more than 2,500 bankers, businessmen and investors took part in the EBRD annual meeting.

The EBRD stockholder countries made a decision to expand the bank’s capital from 20 billion to 30 billion euros.

Translated from Russian by Yerevan Report