Armenia expects slowdown in economic growth

Deputy Governor of the Central Bank of Armenia Armen Nurbekyan has said that economic growth will decline in Armenia in 2024, economic growth is expected to reach around six per cent.

“The economic growth was 12.6 per cent in 2022 while in 2023 - about eight per cent,” he noted, Caliber.Az reports citing the Armenian media.

Nurbekyan also mentioned the inflation.

“There are two main scenarios. The first scenario is that the inflation environment will remain soft because there will be less pressure in the labour market. But there is another scenario, according to which inflation expectations will persist to some extent because we have wage growth of over 10 per cent. This is a high figure. On the other hand, we have a high inflation rate in the service sector,” he said.

“When we consider the latest polls on inflation expectations, it seems that there are both scenarios, as there are more uncertainties,”  Nurbekyan added.