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Armenia's economic growth to slow down to 6.5% in 2023 and to 5.5% in 2024 - ADB

04.04.23 15:30
Armenia's economic growth will slow down to 6.5% in 2023 and to 5.5% in 2024 depending on domestic and external demand, according to the Asian Development Outlook (ADO), released by the Asian Development Bank (ADB) for April 2023.

"Inflation is also projected to slow to 7 percent in 2023 and to 6.2 percent in 2024," the report said.

It says that Armenia's economic growth has more than doubled from 5.7 percent in 2021 to 12.6 percent in 2022, mainly due to strong demand and investment growth, driven by a large inflow of people and capital from Russia.

Armenia's National Statistical Committee said earlier that the country's economic activity grew by 10.9% in January-February 2023 as opposed to the same time span a year ago.

In February 2023 the economic activity indicator was up 6.5% compared to January 2023, and up 11.3% compared to February 2022.

Armenia's government growth projection for 2023 is set at 7%, and inflation is set at 4% (±1.5%).

The World Bank predicts that Armenia's economic growth in 2023 will be 4.1%. Fitch in February projected the Armenian economy to grow to 6.1% in 2023 and to 4.7% in 2024.

The European Bank for Reconstruction and Development (EBRD) expects Armenia's economy to grow by 4% in 2023 and by 4.8% in 2024, ARKA reports.