The World Bank (WB) lifted its 2023 economic growth forecast for Eastern Europe and Central Asia to 1.4% from 0.1%.

The WB report says that “because of a growth surge in Armenia - the fastest growing country in ECA in 2022 - the South Caucasus is the only ECA subregion where the pace of economic expansion was faster in 2022 than in 2021.”

The report also notes that in Armenia, export volumes increased by 70 percent in the second half of 2022, pushing growth for the year up to 55 percent.