Republic of Armenia: First Review Under the Stand-By Arrangement and Request for Modifications of Performance Criteria and Monetary Policy Consultation Clause-Press Release; Staff Report

Author: International Monetary Fund. Middle East and Central Asia Dept.

Volume/Issue: Volume 2023 Issue 205

Publication date: June 2023

ISBN: 9798400245268

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Topics covered in this book

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Exports and Imports , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , end-December inflation , monetary policy tightening , revenue mobilization effort , addressing inflation , headline inflation , transparency policy , Global , Middle East and Central Asia

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Summary

The Stand-By Arrangement (SBA) is off to a good start, and the economic outlook is generally positive. Real GDP growth reached 12.6 percent in 2022, driven by robust consumption and a surge in inflow of income, capital, business, and labor. Growth is expected to decelerate but remain robust in 2023. Headline inflation fell to 3.2 percent (year-on-year) in April, including due to base effects, lower food inflation, dram appreciation, and monetary policy tightening. Risks to the outlook are elevated, requiring the continuation of strong policies to build resilience further.