Armenia's Central Bank improves 2023 GDP growth forecast to 7.2%

YEREVAN. Oct 30 (Interfax) - The Central Bank of Armenia predicts that the country's economy will grow 7.2% this year, while in June it expected GDP growth of 6.9%.

"We predict that in 2024 GDP growth will be 5.6%, and in 2023, 7.2%," Central Bank Chairman Martin Galstyan said, speaking in parliament on Monday at a discussion on the draft state budget for 2024.

The Armenian budget for 2023 envisages GDP growth of 7%. The International Monetary Fund predicts the country's economy with grow 7% in 2023 and 5% in 2024, while the World Bank forecasts growth of 6.6% and 4.1%, respectively.

Armenia's economic growth in 2022 reached 14.2%.