The World Bank forecasts a 4.2% GDP growth in Armenia. The growth is expected to reach 4.9% and 5.2% in 2020 and 2021 respectively.
Growth in Europe and Central Asia region is estimated to have slowed to 1.6% in 2019, a four-year low, partly reflecting a sharp weakening of activity in Turkey, the World Bank said in the “Global Economic Prospects: Europe and Central Asia” report.
Trade continues to weaken across the region, as goods trade volumes have slowed in parallel with sluggish activity in the Euro Area, the region’s largest export destination.
The report says the region’s outlook remains subject to significant downside risks. Chief among these is a sharper-than expected slowdown in the region’s most important trading partner, the Euro Area.
“In Central Asia and Eastern Europe, slowing activity in Russia could impact remittances, which account for an important portion of income in countries including the Kyrgyz Republic, Moldova, Tajikistan, and Ukraine,” WB said.