The economic growth in Armenia will accelerate in 2023, the World Bank (WB) said in its Global Economic Prospects report.

“In Armenia, growth is expected to accelerate in 2023, as robust private consumption and a more stable investment climate support domestic demand and offset the drag from ongoing fiscal consolidation. The forecast is predicated on an easing of geopolitical tensions, limited pandemic-related disruptions supported by progress with vaccinations, and improving consumer and business confidence,” the report says.

As to the region in general, the WB predicts that in the South Caucasus, growth is projected to moderate to 3.9 percent in 2022 and 3.6 percent in 2023.