ArmInfo. According to the forecasts of the World Bank, Armenia's GDP growth in 2018 will be 3.8% with acceleration up to 4% in 2019. This is stated in a report published recently by the World Bank Global Economic Prospects Report. The report mentioned notes this forecast is predicted by the fact that in 2017 Armenia demonstrated significant progress related to the increase in metal prices and the improvement of domestic policy.
We note that the previous WB forecast for Armenia envisaged GDP growth in 2017 for 2.7% with the 3.1% acceleration in 2018 and up to 3.4% in 2019.
For Europe and Central Asia, the World Bank predicts economic growth in 2018 by 2.9% with an acceleration to 3% in 2019, compared with 3.8% in 2017. In particular, the GDP growth of Russia according to the World Bank's forecasts in 2018 will be 1.7% with an acceleration up to 1.8% in 2019. The World Bank predicts GDP growth in Georgia by 4.2% in 2018, in Azerbaijan - by 0.9%. In the global economy, the World Bank predicts GDP growth in 2018 by 3.1%, with a slowdown to 3% in 2019. It should be noted that according to the updated forecast of the Central Bank of Armenia, GDP growth in 2018 will be 3.5-4.6% (against expected in 2017 - 4.4-4.9%), in 2019 - 3.5-4.9% in 2020 - 3,8 - 5,4%. Fitch improved the GDP growth forecast for Armenia in 2017 to 4.3% from the previously stated 3.4%, and sees the possibility of accelerating growth within the average of 3.6% in 2018-2019. The budget of Armenia for 2018 assumes the growth of GDP by 4.5%.
According to the National Statistical Service of Armenia, in Armenia, economic activity growth accelerated in January-November 2017 to 7.3% from last year's 0.6% in 11 months of 2016. Drivers of growth were trade, services and the industrial sector.