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Seda Hergnyan

World Bank Predicts 3.4% GDP Growth for Armenia

The World Bank forecasts 3.4% real GDP growth for Armenia this year.

According to previous WB estimates published in January this year, economic growth in Armenia was projected at 3.1% in 2021, 0.3 percentage points lower than the new forecast.

According to WB experts, Armenia's economic growth is negatively affected by the tense domestic political situation, weak tourist flows, the post 2020 Karabakh war socio-economic situation, among others,

Economic growth is projected at 6% in Georgia in 2021, 5% in Turkey, 2.8% in Azerbaijan, and 2.1% growth in Iran.

Armenia’s Statistical Committee registered an economic decline of 7.4% in the country last year.

Comments (1)

Karen Akhsharumov
Yes it’s important for our Government to estimate that GDP is negatively affected by the tense domestic political situation, weak tourist flows, the post 2020 Karabakh war socio-economic situation, among others. They should organize quick meeting and negotiations in order to open the borders, because there is a vaccine, and secondly and more importantly we shouldn’t be busy with our domestic politics so much, because it will not grow our GDP, but if we concentrate on more important things it can be affected positively a lot. 3,4% is not a huge change considering war, covid, elections etc. We also have many new places for tourists, but don’t have the ability to host those tourists, and if europeans and other people see touristic new places, there might be new thoughts for people to invest in our country, and develop those places more and more.

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