The Asian Development Bank has raised its growth forecast for the Armenian economy to 3,8% in 2017 and 3,0% in 2018.

The upgrades from 2,2% and 2.5% projected in Asian Development Outlook 2017 (ADO 2017) reflect a strong first half this year and improved outlook for Armenia.

In the country, stronger remittances and external demand accelerated growth in the first half of 2017.

Armenia's GDP grew 3,6% in 2014, 3,2% in 2015, and just 0,2% in 2016.

Gerogia is also expected to witness a stronger economic growth in 2017 and 2018, while Azerbaijan, on the other hand, is set to decline by 1,3%.