The Asian Development Bank (ADB) predicts a 2.6% average annual inflation for Armenia in 2023, a significant reduction from the 8.6% inflation rate in 2022. During his visit to Armenia, ADB President Masatsugu Asakawa highlighted the success of the country’s economic indicators, attributing it to the implementation of structural reforms.
As part of their comprehensive agenda, ADB aims to strengthen collaboration, support ongoing projects, explore new partnership opportunities, and meet high-level officials. A highlight of the visit was the loan signing for the Yerevan Urban Development Investment Project, which includes the construction of a road and bridge over the Hrazdan River to improve connectivity in Yerevan.
Since joining ADB in 2005, Armenia has received over $1.8 billion in financial assistance for various sectors. Currently, ADB is implementing six projects totaling $525 million to enhance transport and urban infrastructure development in the country.
Looking ahead, ADB forecasts a 7% economic growth for Armenia in 2023, supported by low inflation rates and ongoing structural reforms. The new Country Partnership Strategy for 2024–2028 aims to strengthen private sector-led growth and reduce poverty through job creation and inclusive development.