S&P said that the Armenian economy was recovering and that it expected the country's GDP to exceed 2019 levels by next year, and for growth to settle at close to 4 percent a year over the medium term.

The global economy is projected to grow 5.9 percent in 2021 and 4.9 percent in 2022, 0.1 percentage point lower for 2021 than in July 2021.

The World Bank revised up its outlook for the economies of the South Caucasus and Central Asia in 2021, predicting that growth would be stronger than it initially expected, and forecast further acceleration next year.

The World Bank projected Armenia's growth at 4.8 percent in 2022 after a 6.1 percent growth this year.

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