World Bank raises forecast for growth in Armenia's GDP to 4.7% in 2024

YEREVAN. Jan 10 (Interfax) - The World Bank projects Armenia's GDP to grow 4.7% in 2024 and 4.5% in 2025, the bank said in its January Global Economic Prospects overview.

The World Bank last October had forecast that Armenia's GDP would rise 4.1% in 2024 and 4.5% in 2025.

The World Bank said that the country's GDP increased 7.1% in 2023.

Armenia's Economic Ministry estimates that GDP rose 8.3%-8.5% in 2023, while the country's budget had GDP growing 7% for the year.

The country's budget envisages growth of 7% in GDP for 2024.