Economy

Asian Development Bank forecasts Armenia's Economic Growth to reach 5.7% in 2024

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Asian Development Bank forecasts Armenia's Economic Growth to reach  5.7% in 2024

YEREVAN, APRIL 11, ARMENPRESS. According to the Asian Development Bank forecast, the growth of Armenia's economy will reach 5.7 percent in 2024, said ADB Deputy Country Director for Armenia Luke Fochtman.

Addressing Armenia's economic prospects this year, Luke Fochtman noted that, due to a possible slight decrease in foreign demand, they predict a certain moderation of growth, up to 5.7 percent. According to the speaker, the rate of economic growth will gradually accelerate, reaching 6 percent in 2025. This will be facilitated by the expansion of infrastructure and housing investment programs implemented by the government.

Luke Fochtman noted that imports and exports are expected to gradually decline from the record high indicators in 2022 and 2023. Investment is expected to grow to 15.9 percent this year and will amount to 18.5 percent in 2025, driven by continued growth in capital spending for infrastructure and social investment, as well as further expansion in private investment.

Some growth is predicted in the private consumption sector (4.1 percent in 2024 and 4.1 percent in 2025). According to the authors of the report, public consumption will grow by 12.2 percent this year and decrease to 11.1 percent in 2025. Steady growth is predicted in the construction and services sectors. In the latter, a 9.3 percent increase is expected this year, and a 9.4 percent increase in 2025, which will be due to higher tourism inflows, ensuring strong but moderating gains in finance, recreation, retail trade, transport, and information and communication.

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