Armenia’s Central Bank improves GDP growth forecast from 1.6 to 13% due to mass influx of ‘talented and well-educated’ Russians into the country

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.

After mobilisation was announced in Russia on 21 September, the number of people living the country has increased considerably. Kazakhstan’s interior minister stated on 4 October that about 200,000 Russians had come to Kazakhstan since the mobilisation started.

On the same day, Forbes Russia reported, citing sources in the Kremlin, that approximately 700,000 people had left Russia since mobilisation was announced. Another source of the media outlet suggested that nearly a million people had left Russia at that point. It is not known how many people left for tourist purposes and how many plan to return.

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