January 9, 2020 - 13:08 AMT
WB forecasts biggest GDP growth for Armenia in South Caucasus

The January 2020 edition of the World Bank’s Global Economic Prospects (GEP) report is out now to predict a 5.1% GDP growth for Armenia in 2020, and 5.2% in 2021 and 2022.

The Azerbaijani and Georgian economies, meanwhile, are forecasted to expand by 2.3% and 4.3%, respectively.

The report says growth in the South Caucasus is forecast to decelerate, however estimations of Armenia’s economic growth are pretty solid at this stage.

Firming growth in the South Caucasus, to an estimated 3.7 percent in 2019, was supported by private consumption, and on the supply side by strong manufacturing growth, as well as by a recovery in mining production in Armenia, the World Bank says.

The international financial institution said in December that Armenia's GDP grew by a strong 7.9% year-on-year in the third quarter of 2019.