The World Bank forecasts a 3.8% GDP growth for Armenia in 2018, changing the previous projection of 3.1%.

The bank indicates this forecast in its January 2018 Global Economic Prospect report.

“Recovery in Russia and Kazakhstan generated positive spillovers for commodity-importing countries in the region, including Armenia, through remittances and exports,” reads the report.

The World Bank’s experts point out that Armenia has recorded notable advances resulting from reforms in domestic regulations and rising prices in the metal market. The bank’s GDP growth projection for Armenia in 2017 has risen from 2.7% to 3.7%.

According to the report, Armenia will consolidate the economic growth (predicted to reach 4% in 2019 and 2020), in line with firming commodity prices and strengthening domestic demand supported by remittances.  

The World Bank makes forecasts for economic growth in other countries of the region as well, projecting 0.9% for Azerbaijan, 1.7% for Russia, 3.5% for Turkey, and 4.2% for Georgia.