Armenia’s Central Bank has improved its GDP growth forecast from 1.6 to 13% due to the mass influx of Russians into the country, Arka news agency reports, citing Governor at Central Bank of Armenia Martin Galstyan.
“Currently, we’re seeing a huge influx of Russians. We are expecting a 13% economic growth this year. We see a 25% increase in human resources in IT. Talented, well-educated people are moving to Armenia, which can have a lasting effect,” he said.
Following the Russian invasion of Ukraine, Armenia’s Central Bank forecasted that the country’s GDP growth would reach 5%. Later, it lowered the forecast to 1.6% due to “the ties to Russia’s economy”.
RBC reports that Armenia’s budget for 2022 forecasted a 7% growth, with the inflation set at 4%. According to the September forecast of the country’s Central Bank, Armenia’s economy will grow by 12.9% by the end of 2022, with the inflation reaching 10%.
Kazakhstan’s President Kassym-Jomart Tokayev earlier stated that over 50 international companies that had decided to leave Russia had relocated to Kazakhstan.