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The IMF has raised its economic growth forecast for Armenia for 2024

Arshaluis Mgdesyan
16.04.24 22:26

According to the latest report from the International Monetary Fund (IMF) on the global economy, Armenia's economy is expected to continue demonstrating stable growth. It is forecasted that by the end of 2024, the country's economy will grow by 6%.

This forecast is significantly higher than the previous one presented in last year's October report, where the IMF predicted a 5% growth for Armenia in 2024.

Analysts also warn of a slowdown in growth rates in 2025, forecasting it to be at 5.2%.

The report also includes an assessment of inflation in the country. It is expected to be 3.1% in 2024 and increase to 3.7% in the following year.

In Armenia's state budget for 2024, economic growth is projected at 7%, similar to the level envisaged in the 2023 budget.

Moreover, the growth in value added is planned to be ensured through the following sectors: industry - by 4.7%, agriculture - by 3.5%, construction - by 8.9%, and services - by 7.9%. An increase in tax collection by 7.3% is also anticipated.

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