ADB: Armenia's economic growth to slow down in 2023-2024

Armenia's economic growth will slow down to 6.5 per cent in 2023 and to 5.5 per cent in 2024 depending on domestic and external demand.

"Inflation is also projected to slow to seven per cent in 2023 and to 6.2 per cent in 2024," according to the Asian Development Outlook (ADO), released by the Asian Development Bank (ADB) for April 2023, ARKA news agency reports.

Armenia's economic growth has more than doubled from 5.7 per cent in 2021 to 12.6 per cent 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 per cent 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 per cent compared to January 2023, and up 11.3 per cent compared to February 2022.

Armenia's government growth projection for 2023 is set at seven per cent, and inflation is set at four per cent (±1.5 per cent).

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

The European Bank for Reconstruction and Development (EBRD) expects Armenia's economy to grow by four per cent in 2023 and by 4.8 per cent in 2024.