International rating agency Fitch has released a new economic forecast for Armenia, predicting stable growth in the coming years.
According to the agency's estimates, Armenia's economy is projected to grow by 6% by the end of 2024. Growth is expected to slow slightly in the following years, reaching 5.5% in 2025 and 5.1% in 2026.
Fitch notes that Armenia's economic upturn is largely driven by a significant influx of migrants. "Economic growth continues to be supported by intense internal migration from Russia, Belarus, Ukraine, and now Nagorno-Karabakh," the agency's report states.
Fitch experts highlight Armenia's impressive real GDP growth figures: 8.7% in 2023 and an annualized 9.2% in the first quarter of 2024.
According to the forecast, key drivers of Armenia's economic growth in the coming years will include tourism and the information and communication technology sector. Additionally, the launch of operations at the Amulsar gold mine in 2025 is expected to positively impact exports and overall economic growth.
BMG reported that Fitch recently affirmed Armenia's credit rating at "BB-" with a 'Stable' outlook, indicating the country's economic resilience amid regional challenges.
In June of this year, Armenia's economic activity showed a significant increase of 7.1% compared to the same month last year, with a growth rate of 10.4% in the first six months of 2024.
Armenia's economic growth is projected at 7% in the 2024 state budget, with inflation set at 4% (±1.5%).
