The Eurasian Development Bank (EDB) revised its growth forecast for Armenia economy to 7.5% in 2023, buoyed by a robust economic performance in Q1 2023. EDB expects an increase of 30% in cross-border remittances from Russia and the resumption of development at the Amulsar gold deposit to positively impact GDP dynamics. However, a projected slowdown in global business activity in 2023 may adversely affect export demand and remittances. Inflation is forecast to reach 2.5% YoY by the end of 2023. According to Armenia’s national statistics committee, the country’s economy grew by 12.1% YoY in the first quarter of this year.