World Bank revises Armenia forecasts, expects higher growth in 2023

YEREVAN, JUNE 7, ARMENPRESS. The World Bank is forecasting 4,4% economic growth in Armenia in 2023 – a 0,3% increase of its previous forecast.

The World Bank said in its Global Economic Prospects June report that Armenia’s real GDP growth in 2024 is expected to be 4,8% and 5% in 2025.

Elsewhere in the region, the World Bank has lowered its previous forecast of Azerbaijan’s growth by 0,6% and is projecting only 2,2% economic growth in 2023. Projections for 2024 and 2025 in Azerbaijan stand at 2,5% and 2,6% respectively.

4,4% growth is forecast in Georgia this year, and 5% in 2024 and again 5% in 2025.

In Turkey, the World Bank forecasts 3,2% economic growth in 2023, 4,3% in 2024 and 4,1% in 2025.

The World Bank forecasts 1,4% economic growth in the Europe and Central Asia region in 2023.