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Seda Hergnyan

World Bank: Economic Growth Rate to Slow Globally, In Armenia

The World Bank (WB) predicts a slowdown in economic growth in Armenia in parallel with a slowing global economic growth rate.

An increase in geopolitical tensions may cause new threats to the global economy soon, the World Bank notes in its newly published "Global Economic Prospects" report.

The report predicts global economic growth of 2.4% in 2024. Thus, for the third year in a row, the rate of global economic growth is slowing down.  

Moreover, it is expected that both developed and developing economies will grow more slowly. A slowdown in growth is expected in countries that play an important role in the global economy, such as the USA, Japan, and China.

Regarding Armenia, the WB says although the inflow of remittances from Russia in the South Caucasus is expected to weaken, which will be one of the reasons for the slowdown in economic growth, at the same time, re-exports and tourism will continue to grow and contribute to economic growth.

 The product dependence of the South Caucasus countries on the world market, logistical problems and "the possible continuation of geopolitical tensions between Armenia and Azerbaijan" are also considered obstacles to economic growth.

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