News - IMF predicts 7% economic growth in Armenia this year

The International Monetary Fund (IMF) predicts that Armenia's economic growth will be 7 percent in 2023, according to the latest IMF World Economic Outlook report. In addition, compared to the previous forecast published in April, the IMF has raised the economic growth forecast for Armenia; in the previous report, it had predicted 5.5 percent economic growth in the country this year. As per the latest forecast, the IMF predicts 5 percent economic growth in Armenia in 2024. What is more, the IMF has made the highest forecast of economic growth in the region for Armenia. The respective forecast for Georgia is 6.2 percent in 2023 and 4.8 percent in 2024. The IMF predicts only 2.5 percent economic growth in Azerbaijan this year and in 2024. The 2023 forecast for Turkey is 4 percent, and in 2024—3 percent. In Iran, the IMF predicts economic growth of 3 percent in 2023 and 2.5 percent in 2024. The draft law on the 2023 state budget of Armenia was based on the forecast of 7 percent economic growth. The latest prediction of the economic growth in Armenia by the latter’s Central Bank in September is 7.2 percent.