The Eurasian Development Bank has raised the forecast for the growth of the Armenian economy in 2023 to 7.5%. Earlier, the Bank predicted the growth of the country’s GDP 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% YoY in January – July after 11.4% YoY in January – June.
The slowdown is due to the weakening of dynamics in the service sectors (+5.8% YoY), trade (+20.4% yoy) and industry (-2.4% yoy) 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 steady (17.2% YoY in January – July).
“According to the EDB forecast, Armenia’s economy will grow by 7.5% in 2023,” the Bank said in a statement.
The Eurasian Development Bank (EDB) is an international financial organization that carries out investment activities in the Eurasian space. For more than 17 years, the EDB has been promoting the strengthening and expansion of economic ties and the comprehensive development of the participating countries. The authorized capital of the EDB is US$ 7 billion. The main share in the EDB portfolio is occupied by projects with an integration effect in the fields of transport infrastructure, digital systems, green energy, agriculture, industry and mechanical engineering. In its activities, the Bank is guided by the UN Sustainable Development Goals and the ESG principles.
A source: https://e-cis.info/news/567/111663/
