ArmInfo. As part of their working visit to Washington to participate in the Spring Meetings of  the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG), a delegation of Armenia's Ministry of Finance led by Minister Vahe Hovhannisyan held a number of meetings  with international partners. 

ArmInfo.The International Monetary Fund (IMF) has improved its forecast for Armenia's GDP for  2024 from the previous 5% to an updated 6% (versus actual 8.7% growth in 2023), with a slowdown to 5.2% in 2025. This is noted in the IMF World Economic Outlook, April 2024; Steady but Slow: Resilience amid  Divergenc."

ArmInfo.The World Bank has improved its forecast for Armenia's GDP growth for 2024 from the  previous 4.7% to an updated 5.5% (against the actual slowdown in growth in 2023 to 8.7% from 12.6% in 2022). For 2025, the economic growth forecast has also been improved, but less noticeably - from the previous 4.5% to an updated 4.9%. Over the medium term, GDP growth will gradually approach the potential 4.5%, and average  inflation will rise to the targeted 4%.

ArmInfo. Armenia's gross international reserves (GIR) in February 2024 decreased by 4.6% per  annum or by $164 million, amounting to $3.381 billion, while a year ago there was an increase of 17.7% or by $532.1 million - to $3.545 billion. Dynamics for January-February and only for February, like a  year earlier, also downward, as a result of which the GMR moved more noticeably away from the historical maximum $4.220 billion achieved in August 2023. This is evidenced by data from the Central Bank of  the Republic of Armenia.

ArmInfo. In the banking sector of Armenia, the volume of lending accelerated in growth in 2023 from 13%  to 21%, reaching 5.8 trillion drams ($14.2 billion). But this was not enough to save profits from the decline, which, after a 3-fold jump in 2022, decreased by 9.2% in 2023, amounting to 229.9 billion drams ($567.9 million). This is evidenced by the data of the Financial Rating of Banks of Armenia as of December 31, 2023, prepared by  ArmInfo. 

ArmInfo.The Central Bank of Armenia (CBA) forecasts GDP growth of 5.3% or 6.4% for 2024 - up to  10.4-10.5 trillion drams (against 8.7% growth - up to 9.5 trillion drams in 2023), depending on the formation in the economy or high or low inflation environment. In 2025, according to the Central Bank's forecast, GDP growth will accelerate slightly to 5.7-6.7%, reaching a value of 11.4-11.7 trillion drams.

ArmInfo. In the last 4 years, the volume of dram debt in the general context of the state debt has  increased from 20% to 46%. Head of Public Debt Management Department of the Ministry of Finance of Armenia Samvel Khanvelyan stated during a plenary session on the topic "Investment Climate in Armenia and  Prospects for the Development of the Capital Markets" within the framework of the first Investment and Financial Forum.

ArmInfo. S&P Global Ratings affirmed its 'BB-/B' long- and short-term foreign- and local-currency sovereign credit ratings on Armenia. The outlook on the long-term ratings is stable.

ArmInfo. The main driver of economic growth in Armenia in 2024 may be the utilization of the  country's competitive advantages in the context of using the opportunities of the free economic zone between Iran and the EAEU. A similar opinion was expressed by Tatul Manaseryan, Doctor in Economics, Professor, Head of the Alternative Research Center, member of the Eurasian Expert Club during a press conference on February 20.

ArmInfo. Armenia's GDP growth slowed down to 8.7% in 2023 (from 12.6% in 2022), amounting to 9.503  trillion drams ($24.2 billion). The GDP deflator index also decreased - to 102.8% from 108% in 2022, according to the data of the RA Statistical Committee published on February 20.

ArmInfo.The impact of re-exports on GDP growth in 2022 was about 1%, and in 2023 - even  lower, which was associated with changes in the sanctions environment, a new reality replacing traditional directions, Deputy Minister of Economy Rafael Gevorgyan TOLD Armenia's Public TV. 

ArmInfo.The Eurasian Development Bank (EDB) forecasts 5.7% GDP growth in Armenia in 2024. 

ArmInfo.Armenia's gross international reserves (GIR) decreased by 12.3% or $504.1 million in 2023 to $3.608 billion, while in 2022 it increased by 27.3% or $881.8 million to $4.112 billion dollars. GIR's quarterly dynamics also worsened - up to a 13.4% decline in Q4 from 6.6% growth in Q3, according to the data from the Central Bank of the Republic of Armenia.

ArmInfo.The management of the Fly Arna airline was not the responsibility of the Armenian National  Interests Fund (ANIF) but of the operator, in this case Air Arabia. Minister of Finance of the Republic of Armenia Vahe Hovhannisyan stated on January 31 at the final press conference, commenting on the developments around the national carrier, as well as the efficiency and expediency of the public funds spent by ANIF.

ArmInfo.The World Bank has improved its 2023 GDP growth forecast for Armenia from the previous 4.4% to an updated 7.1% (against the actual 12.6% growth in 2022), now expecting a slowdown to 4.7% in 2024 and to 4.5% in 2025 (versus previously forecasted y-o-y acceleration to 4.8% and 5%). This is noted in the January Global Economic Prospects report published by the World Bank.

ArmInfo. Re-export did not have a significant impact on the growth rate of the Armenian economy.  Deputy Minister of Economy of Armenia Rafael Gevorgyan stated during a press conference on January 8, referring to the results of the study of the growth structure of the RA economy.

ArmInfo. Armenia's gross international reserves go on decreasing as against the historical record last August, $4.219bln.

ArmInfo. The agricultural budget of Armenia in 2023 amounted to 37 billion drams, but expenses reached 47 billion drams. Minister of Economy of Armenia Vahan Kerobyan stated, presenting the results of the 2023 economic year to the Prime Minister of Armenia Nikol Pashinyan.

ArmInfo. By the end of  2023, the poverty level will decrease significantly in Armenia.  Minister of Economy Vahan Kerobyan expressed a similar opinion in an  interview with the Public Television of Armenia.

ArmInfo. The International Monetary Fund (IMF) forecasts per capita GDP growth in Armenia in 2023 to $8,029 (from actual $6,569 in 2022), with further y-o-y increases to $8,352 in 2024 and $8,967 in 2025. IMF reports, also providing an improved forecast for Armenia's GDP growth for 2023 from the previous 5.5% to an updated 7%, with a slowdown to 5% in 2024 and to 4.5% in 2025.