  World bank lowers Armenia GDP growth forecast for 2022 April 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 |  Latest news Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty  Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty.Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza.Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations.Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |
