Armenia’s economic growth is expected to grow by 5% in both 2023 and 2024 – a revision of 1% and 0.2%, respectively, since February), the European Bank for Reconstruction and Development said in a fresh report on Tuesday, May 16.

The EBRD said growth is expected to decelerate in eastern Europe and the Caucasus as the extraordinary factors that boosted economic activity in 2022 provide limited additional stimulus.

The region as a whole is forecast to grow by 1.9 per cent in 2023 and 3.3 per cent in 2024.