���������ֳ�

Key Rating Drivers: Credit Fundamentals: Armenia’s ‘BB-’ rating reflects per-capita income and governance indicators that are in line with peers, stable growth prospects, and a robust macroeconomic policy framework. Set against these strengths are the small size of the economy, large fiscal deficits relative to peers, relatively weak external finances, high financial sector dollarisation, and geopolitical risks. Higher Fiscal Deficits: ���������ֳ� projects the general government deficit to widen to 5.5% of GDP in 2025 (2024: 4.7%; current ‘BB’ median: 3%), reflecting an expansionary fiscal policy. This incorporates the costs of integrating about 65,000 refugees from Nagorno-Karabakh and higher military expenditure. The planned introduction of a universal health insurance programme from 2026 could make fiscal consolidation challenging.

This abstract may have been generated in whole or in part using artificial intelligence and is therefore subject to error and inaccuracy, including but not limited to, hallucination.Further disclaimer can be found