Middle East and Central Asia > Armenia, Republic of

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International Monetary Fund. Middle East and Central Asia Dept.
Real GDP growth rebounded strongly in 2021 and early 2022, driven by a pickup in construction, trade, and services activities, and benefiting from strong policies and a gradual improvement of the pandemic, notwithstanding its various waves. In 2022, the budget aimed at continuing a gradual fiscal consolidation, while still providing temporary and targeted support to the economy, and monetary policy aimed at continuing its tightening cycle that started in late-2020 to cool down inflation. The favorable near-term outlook, however, is set to be interrupted by the spillovers from the war in Ukraine and the sanctions against Russia, given Armenia’s economic links and exposure to the Russian economy. Growth has been revised down markedly this year, while inflationary pressures are expected to persist, keeping inflation above the Central Bank of Armenia’s (CBA) target in 2022.
International Monetary Fund. Statistics Dept.
The mission to Armenia took place between September 27–October 8, 2021 to assist the authorities to improve their Government Finance Statistics (GFS) compilation practices. The technical assistance (TA) mission was conducted by Ms. Ivana Jablonská and Mr. David Bailey at the request of the Ministry of Finance (MOF) and with the support of the IMF´s Middle East and Central Asia Department (MCD). The main objectives of the mission were to assist the authorities in finalizing a comprehensive sectorized list of all public sector units —known as, the public sector institutional table (PSIT) — and in compiling annual general government GFS data for 2020.
Padamja Khandelwal, Ezequiel Cabezon, Sanan Mirzayev, and Rayah Al-Farah
Limited economic diversification has made the economies of the Caucasus and Central Asia particularly vulnerable to external shocks. The economies in the region are heavily reliant on oil and mining exports as well as remittances. In some countries, tourism and capital flows also play a prominent role in aggregate economic activity.