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Seda Hergnyan

Armenia: World Bank Predicts 6.1% GDP Growth in 2021

The World Bank now forecasts that Armenia’s GDP will grow 6.1% in 2021.

This is up from the 3.4% growth rate it forecast in April of this year.

The World Bank, in its Fall 2021 Europe and Central Asia Economic Update, concludes that developments in Armenia are more positive than expected.

The World Bank update on Armenia says:

Due to the twin shocks of the pandemic and the conflict with Azerbaijan, Armenia’s economy contracted sharply in 2020, which inflicted a significant welfare loss. The economic recovery in 2021 has been faster than anticipated, and the economy is likely to return to pre-COVID output levels by mid-2022. The slow pace of vaccinations, rising COVID-19 cases, and geopolitical fragility present important risks to the outlook.

According to WB experts, Armenia's economy will return to pre-Covid conditions by mid-2022. At the same time, slow vaccination rates, rising COVID-19 cases and geopolitical "sensitivity" are major risks for the economy.

According to the latest figures published by Armenia’s Statistical Committee, the economic activity index increased by 4.9% in January-August 2021, as compared to the same period last year.

The World Bank forecasts 4.8% economic growth for Armenia in 2022 and 5.4% in 2023.

Armenia’s economy shrunk by 7.4% in 2020.

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