UN expects Armenia's GDP to grow 4% in 2023, 4.5% in 2024

YEREVAN. Jan 26 (Interfax) - Armenia's GDP could grow4% in 2023 and 4.5% in 2024, the United Nations said in its World Economic Situation and Prospects 2023.

Inflation could be 4.3% in 2023, slowing to 3.9% in 2024, according to the forecast.

Migratory inflows originating in Russia have had a significant economic impact, with large increases in money transfers. As a result, foreign currency reserves increased significantly, the report said.

Armenia's budget projects 7% GDP growth in 2023. Inflation could be 4%, +/- 1.5 pp.

Armenia's economy grew 12.5%-13% in 2022, Prime Minister Nikol Pashinyan has said. Last year's budget also projected 7% growth.