IMF improves Armenia's 2023 GDP growth forecast to 5.5%

YEREVAN. April 12 (Interfax) - The International Monetary Fund (IMF) is forecasting 2023 GDP growth for Armenia at 5.5%, according to the April World Economic Outlook.

In October last year, the IMF was forecasting 3.5% growth for the country's economy this year.

For 2024, the IMF forecasts GDP growth of 5%, and for 2028 - 4.5%.

Inflation is expected to be 7.1% in 2023 (the previous forecast was 7%), and 5% in 2024.

In Armenia's 2023 state budget, GDP growth is set at 7%, and inflation at 4% (+/- 1.5 percentage points).

According to statistics, Armenia's GDP in 2022 increased 14.2%, while inflation was 8.6%.