ArmInfo.The Eurasian Development Bank upgraded its forecast for the growth of the Armenian economy in 2023 to 7.5%. Earlier, the Bank forecasted the growth of the country's GDP up to 4.2%. This is stated in the next Macroeconomic Review of the EDB. According to the source, economic activity in Armenia increased by 10.4% y/y in Jan-July after 11.4% y/y in Jan-June.
The slowdown is associated with a weakening dynamics in the services (+5.8% y/y), trade (+20.4% y/y) and industry (-2.4% y/y) sectors in July, due to the high performance of these sectors in the same period last year, and a gradual adjustment in demand. Construction growth remains stable (17.2% y/y in Jan-July). , the Bank said in its Review.
The Eurasian Development Bank (EDB) is an international financial organization that carries out investment activities in the Eurasian space, which was established in 2006. The Bank promotes the strengthening and expansion of economic ties, and the comprehensive development of the participating countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. The authorized capital of the EDB is $7 billion. The main part of the EDB portfolio is projects with integration effect in the fields of transport infrastructure, digital systems, green energy, agriculture, industry and engineering. In its activities, the Bank is guided by the UN Sustainable Development Goals and ESG principles.
