Estimations of Armenia’s Economic Growth are Pretty Solid: World Bank

• 01.09.2020, 20:03
•  Armenia

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According to the World Bank’s Global Economic Prospects January 2020 report the estimations of Armenia’s economic growth are pretty solid at this stage, Armenpress reports.

"According to the World Bank Global Economic Prospects (#GEP) January 2020 report, growth in the South Caucasus is forecast to decelerate, however estimations of Armenia’s economic growth are pretty solid at this stage. In particular, the forecast of growth for 2020 is 5.1%, while for 2021-2022 – 5.2% accordingly", the report says.

According to the report "firming growth in the South Caucasus, to an estimated 3.7 percent in 2019, was supported by private consumption, and on the supply side by strong manufacturing growth, as well as by a recovery in mining production in Armenia".

Regional growth is expected to firm over the forecast horizon, to 2.6 percent in 2020 and 2.9 percent in 2021-22, on the assumptions that key commodity prices and growth in the Euro Area stabilize, and that Turkey’s economy recovers from earlier financial pressures and Russia firms on the back of policy support (Figure 2.2.2.A). Considerable variation across economies is expected to continue. Economies in Central Europe are anticipated to slow as fiscal policy support wanes and demographic pressures persist, while those in Central Asia are projected to continue growing at a robust pace, and more rapidly than previously envisaged, on the back of structural reform progress, the report said.