Analysis by Region - Emerging Markets - Armenia

Analysis by Region - Emerging Markets - Armenia

In stark contrast to most other European economies, Armenia continues to benefit from the consequences of Russia's invasion of Ukraine. The inflow of Russian workers has supported activity since Q2 2022. Alongside a marked rebound in tourism, the larger workforce has boosted exports, GDP growth, and the exchange rate. We have therefore raised our 2023 GDP growth forecast for Armenia by 6.3ppts to 8.6%, slowing to a 0.8% expansion in 2024.