October 23, 2021
Economy

World Bank Forecasts 6 Percent Growth in Armenia’s Economy • MassisPost

NEW YORK — Armenia’s economy is on course to grow by just over 6 percent this year after contracting sharply last year, according to the World Bank.

“The economic recovery in 2021 has been faster than anticipated, and the economy is likely to return to pre-COVID output levels by mid-2022,” the bank said in a report released this week.

“Following a faster-than-expected recovery in [the first half of the year,] the projected GDP growth rate for 2021 has been revised to 6.1 percent, up from 3.4 percent in April 2021,” it said, adding that the economic upswing will continue to be primarily driven by private consumption.

The International Monetary Fund has also signaled a significant improvement of its economic outlook for Armenia. A senior IMF official, Nathan Porter, forecast last month a 6.5 percent growth rate after holding virtual talks with Armenian officials.

The Armenian…

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