World Bank has projected 4.1% growth for Armenian economy in 2018 in the June 2018 Global Economic Prospects report, which is an improvement on the previous projection of 3.8%.

At the same time, the World Bank expects Armenia’s GDP to grow by 4% in 2019 and 2020.

According to the report, private consumption in certain countries, including Armenia, is recovering thanks to wage gains, improving labor markets, and stronger consumer purchasing power amid moderating inflation and firming currencies.

The bank adds that investment into new existing mines in Armenia will continue.

“Over the medium term, a weaker-than-expected energy price outlook would undermine the recovery in large energy-exporting countries, including Russia. The slowdown could generate negative spillovers to neighboring countries, such as Armenia, Belarus, Georgia, Kyrgyz Republic, Moldova, and Tajikistan,” reads the report.

In general, global economic growth will remain robust at 3.1 percent in 2018 before slowing gradually over the next two years, the World Bank predicts, as advanced-economy growth decelerates and the recovery in major commodity-exporting emerging market and developing economies levels off.

World Bank’s growth projections for 2018 made 1.8% for Azerbaijan, 1.5% for Russia, and 4.5% for Turkey and Georgia.