EDB names conditions for Armenia's economy to grow by 5.7% in 2024

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Economy

03.01.2024, 11:45

The Eurasian Development Bank (EDB) revised upward its forecast for Armenia's economic growth in 2024, saying it expects 5.7% growth due to strengthening domestic demand, improved expectations for remittance inflows and stimulating fiscal policy.

EDB names conditions for Armenia's economy to grow by 5.7% in 2024

YEREVAN, January 3. /ARKA/. The Eurasian Development Bank (EDB) revised upward its forecast for Armenia's economic growth in 2024, saying it expects 5.7% growth due to strengthening domestic demand, improved expectations for remittance inflows and stimulating fiscal policy.

Economic activity in Armenia grew by 9.4% y/y in January-November 2023, following 9.2% y/y growth in January-October," the bank said in its latest macro review.

Growth was supported by industry (+23.8% y/y after +0.6% y/y) in November, largely driven by a 13.7x y/y increase in gold jewelry production in November," the review said.

Armenia's government’s initial forecast for economic growth in 2023 is 7%. According to the Central Bank's December forecast, growth in 2023 will be 6.1%. -0-

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