Fitch changes Armenia view

Fitch Ratings said it revised Armenia's outlook to positive from stable and affirmed the sovereign's long-term foreign- and local-currency issuer default ratings at B+.

“The economy is experiencing a strong recovery following a large external shock in 2014-15, driven by a structural improvement in export performance, firmer external demand conditions and recovering remittances, and supported by a credible monetary policy framework,” the agency said in a news release.

Fitch also said that Armenia has started to implement strong fiscal consolidation.

The agency said it forecasts the general government budget deficit will shrink to 3.3% of GDP in 2017, from 5.5% in 2016, reflecting expenditure restraint and favorable revenue growth.

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