The World Bank forecasts Armenia’s economic growth of 4.5% in 2023.

The WB report on the economic situation in Eastern Europe and Central Asia says that some pick-up in growth in the medium-term will be supported by consumption and higher private investment. On the production side, services are expected to remain the main driver of growth, followed by industry.

The World Bank also notes that inflation is forecast to decline gradually to its target level of 4 percent by 2025.

The authors of the report also say that macroeconomic projections suggest that the population below the UMIC poverty line (USD 6.85/day, 2017 PPP) will have decreased from 51.7 percent in 2021 to 41.8 percent in 2022, and to a projected 38.4 percent in 2023. However, high inflation, particularly affecting food and real state, may have a negative impact on the poorest households.