In its fresh issue of World Economic Outlook, the International Monetary Fund has upgraded outlook for Armenia’s economic growth in 2016 to 3.2% and in 2017 to 3.4%, ARKA reports.

In its previous report issued in April 2016, the IMF expected Armenia’s GDP would grow 1.9% in 2016 and 2.5% in 2017.

The IMF also forecasts 0.5% deflation in 2016 and 2.5% inflation in 2017.

Unemployment rate is expected to rise from 17.7% in 2015 to 17.9% in 2016 and 18% in 2017.

In the Armenian government budget for 2016, economic growth is projected at 2.2%.

In recent days, Vardan Aramyan, the country’s finance minister, said GDP growth was expected to stand at 2.4% in 2016 and 3.2% in 2017.

The World Bank expects a 1.9% economic growth in Armenia in 2016. The European Bank for Reconstruction and Development says economic growth in Armenia will be recorded at 2 and the Eurasian Development bank says it may reach 2.6% this year. Fitch’s outlook stands at 2% and Moody’s expects a GDP growth slowdown to 2.2%.

The Central Bank of Armenia expects 2.7 to 3.6% economic growth.

According to the National Statistical Service of Armenia, 1.5% economic growth was recorded in the country in the second quarter of this year against the 4.5% recorded in the first quarter.