The International Monetary Fund has raised Armenia's growth outlook for 2018 from 3.4% to 6%, the IMF said in its October issue of the Challenges to Steady Growth report.

According to the Fund, the country's economy will grow by 4.8% in 2019 instead of the 3.5% forecasted earlier.

Inflation, meanwhile, is projected at 3% in 2018 and at 4.4% in 2019.

IMF revealed in an earlier post that the size of the shadow economy in Armenia in 2015 was smaller than those of the country’s South Caucasus neighbors - Azerbaijan and Georgia. According to the survey titled “Shadow Economies Around the World: What Did We Learn Over the Last 20 Years?”, Armenia’s shadow economy was estimated to be 36% in 2015, against the 43.6% in Azerbaijan and 53% in Georgia.