12:50 - 13.02.2023

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February 13, Fineko/abc.az. International rating agency Fitch confirmed the long-term issuer default rating (EDR) of Armenia in foreign currency at the level of "B+", but changed the forecast from “stable” to "positive", mainly due to the positive contribution of migrants from Russia, Belarus and Ukraine.

ABC.AZ reports that according to Fitch, the outflow of population from Russia, Ukraine and Belarus (according to the authorities, about 65,000 people) contributed to the improvement of macroeconomic and tax indicators.

Fitch estimates that Armenia's economy grew by 11.6% last year, which is the highest rate in the last 15 years, and this was facilitated by a large influx of migrants. Growth is expected to slow to 6.1% in 2023 and 4.7% in 2024.

In addition, the rating also supports an increase in cash flows entering the country due to an increase in remittances by 140%.