World bank lowers Armenia GDP growth forecast for 2022April 11, 2022 - 16:19 AMT PanARMENIAN.Net - The impact of the war in Ukraine and sanctions on Russia is likely to be significant given Armenia’s strong economic links with Russia, the World Bank says in a fresh report. Armenia's economy rebounded by 5.7% year on year in 2021 but is forecast to grow at only 1.2% yoy in 2022, with an uncertain outlook subject to high downside risks. According to the WB, lower growth and remittances are likely to slow poverty reduction and increase vulnerability. The growth forecast has been downgraded for 2022 from 5.3% pre-war to 1.2 percent, with lower remittances and real wages impacting consumption. In the mediumterm, growth is expected to pick up in 2023 and 2024, but at a slower pace than projected pre-war. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Putin congratulates Pashinyan’s birthday Russian President Vladimir Putin congratulated Armenian Prime Minister Nikol Pashinyan on his birthday on June 1. Opposition motorcade en route to Gyumri for large rally A motorcade of protesters headed by Archbishop Bagrat Galstanyan is heading to the city of Gyumri. Ruling MPs, Foreign Minister talk Armenia-Azerbaijan processes MOs from the ruling Civil Contract party met with the Foreign Minister Ararat Mirzoyan in the Armenian parliament. Russia: Armenia’s frozen membership weakens CSTO position in Caucasus A Russian envoy said any step that could alienate the CSTO member states from each other is “deeply wrong”. |