World Bank left its forecast for Armenia's economic growth in 2024 unchanged, slightly improving expectations for 2025 and 2026.

YEREVAN, October 18. /ARKA/. The World Bank expects Armenia’s economy to grow by 5.5% in 2024, 5% in 2025, and 4.6% in 2026. This forecast is contained in the new ‘’Economic Update’’ for Europe and Central Asia (ECA Economic Update Fall 2024). 

In the previous forecast in June, the WB expected that economic growth in Armenia in 2024 would be 5.5%, in 2025 – 4.9%, and in 2026 – 4.5%. 

The current report notes that the South Caucasus is estimated to grow by 4.6% in 2024, the fastest growth rate among all ECA subregions, an improvement of 1.1 p.p. compared to the June forecast. 

“In Azerbaijan, growth is likely to be significantly higher than in 2023, due to large public investments. Growth in Armenia and Georgia is expected to remain well above potential, driven by household consumption, investment, and government spending. However, growth in Armenia is expected to slow to 5.5 percent this year from 8.3 percent in 2023, partly due to the normalization of migration, tourist inflows, and remittances from the Russian Federation,” the study says.

World Bank analysts expect that in most economies in Central Europe, the Western Balkans, Armenia, and Ukraine, government debt is projected to exceed 50 percent of GDP this year.

Figures and forecasts for the Armenian economy

The state budget for 2024 envisages economic growth in Armenia at 7%. The Central Bank of Armenia expects the country's economic growth in 2024 to be in the range of 6.5-5.8%. -0-