Armenia's economic growth is likely to moderate to 5.0 per cent in 2023 and 5.3 per cent in 2024, the European Bank for Reconstruction and Development (EBRD0 said in its latest Regional Economic Prospects report for May 2023.
Armenia's economy grew by 12.6% in 2022, the highest growth recorded over the last 15 years.
According to EBRD report, growth prospects are, however, clouded by the high geopolitical risks. In the previous report for February EBRD expected Armenian economy to grow by 4% in 2023 and up to 4.8% in 2024.
According to the latest report, growth is also expected to decelerate in Eastern Europe and the Caucasus (excluding Ukraine) as the extraordinary factors that boosted economic activity in 2022 provide limited additional stimulus. The region as a whole is forecast to grow by 1.9 per cent in 2023 and 3.3 per cent in 2024.
Armenia's government growth projection for 2023 is set at 7%, and inflation is set at 4% (±1.5%), ARKA reports.
