Russia's economic slowdown will not reduce Armenia's GDP as compared with 2013, shows the recent report issued by International Monitory Fund on Tuesday.

According to IMF forecast, the expected economic growth in Armenia in 2014 is 4.3 percent as compared to 3.2 percent  last year. In 2015 economic growth is projected to teach 4.5 percent.

Economic growth in the Caucasus and Central Asia (CCA) is expected to decline to 6 percent in 2014 from 6.5 percent in 2013, mainly because of sharply weaker activity in Russia and other emerging markets, the IMF says.

Economic activity in the CCA continued to expand at a strong rate in 2013, thanks to robust domestic demand in the oil- and gas-exporting countries (Azerbaijan, Kazakhstan, Turkmenistan, and Uzbekistan) and strong export growth in the oil- and gas-importing countries (Armenia, Georgia, the Kyrgyz Republic, and Tajikistan).

Nevertheless, slower growth prospects in the region’s main trading partners—Russia, China, and Turkey—will weigh on exports, foreign direct investment, and remittances.