The growth forecast for the region was increased to 4.1 percent in 2021 from a previous projection of 3.6 percent in July and 3.4 percent in April.

IMF said that the economic recovery was set to continue in the second half of 2021 and through 2022 with GDP growth of 6.5 and 4.5 percent, respectively, expected this year and next.

Central Bank, which has revised its economic growth forecast to 4.6 percent from 3 percent in June, said that two main drivers of the higher growth would expand more rapidly this year than it was projected earlier.

Consumer prices in Armenia were up 8.8 percent year-on-year in August after 8.2 percent inflation in July. Inflation in August was 0.4 percent compared to a month earlier when the consumer price index declined by 0.5 percent.