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    Emil Lazarian
  • 1 year ago
    • Categories: 2023

Armenian Central Bank forecasts 6,9% growth for 2023

 17:15,

YEREVAN, JUNE 13, ARMENPRESS. The Central Bank is forecasting 6,9% economic growth in 2023, while inflation will stabilize around 4%, Central Bank Governor Martin Galstyan said at a press conference Tuesday.

The Central Bank lowered the refinancing rate by 0,25 percentage points and set it at 10,5%.

The dropping demand in commodity markets continues to contribute to deflation and inflation pressures from global markets on Armenian markets are significantly weakening.

“A higher than expected economic activity is seen in the second quarter of 2023, mostly contributed by the high growth in construction and services,” Galstyan said.

The inflation environment is being mitigated.

The central bank revised the economic growth projections for 2023, increasing its original projection by 1% and is now forecasting 6,9% growth next year due to the rapidly growing construction and service sector.

The prices of imported goods are dropping faster than expected, Galstyan added.

Emil Lazarian: “I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS