Meeting with WB delegation at Armenia`s Ministry of Economy

ArmInfo. Deputy Minister of  Economy of Armenia Sevak Mikaelyan received a delegation of the World  Bank (WB), headed by the WB Senior Private Sector Specialist Iulia  Cojocaru. This was reported by the press service of the economic  department.

The parties discussed the report on the assessment of the RA Law on  Joint Stock Companies and the current state of the business registry.  Among the issues discussed were also issues related to the conceptual  document on reforming the legislation on joint stock companies, the  action plan for reforming the law on companies, the implementation  deadlines, etc.

The World Bank has improved the economic growth forecast for the  South Caucasus, increasing the estimated rate in 2024 from the  previous 3.5% to an updated 4.6% (versus 3.7% in 2023), emphasizing  that this is the highest rate among all subregions of Europe and  Central Asia (ECA).

The report on the South Caucasus region notes: "In Armenia and  Georgia, economic growth in 2024 will remain significantly above  potential levels - 5.5% and 7.5%, respectively (versus 8.3% and 7.5%  in 2023), driven by household consumption, investment and government  spending. Moreover, the World Bank attributes some slowdown in  economic growth in Armenia to the normalization of migration levels,  tourist influx and remittances from Russia. In 2025-2026, according  to the WB forecast, economic growth in Armenia will slow to 5-4.6%.