The World Bank forecasts 6.1% economic growth in Armenia in 2021 (against 3.4% forecast in April).
A surprisingly strong rebound in the first half of this year boosted economic activity in emerging and developing countries in the Europe and Central Asia region, with the regional economy now projected to expand by a better-than-expected 5.5 percent in 2021, says the latest edition of the World Bank’s Economic Update for the region, released today.
The rebound in Armenia was supported by a robust pick-up in domestic demand, as well as strong export performance amid firming external demand for oil and metals, the report said.
The recovery in Armenia is projected to edge down to 4.8 percent.
The report notes that the recovery in the South Caucasus remains constrained, owing to heightened domestic political tensions and stability risks, as well as tighter monetary policy.