The World Bank predicts 0.8 percent GDP growth in Armenia this year, as compared to 3.3 percent mentioned in the previous report.

In 2016 Armenia's GDP growth is projected at 2.7 percent and 3 percent in 2017, says Global Economic Prospects report issued by the World Bank in June.

After slowing to 2.4 percent in 2014 from 3.7 percent in 2013, growth in the developing Europe and Central Asia (ECA) region is expected to weaken further in 2015. This reflects the impact of plunging oil prices and geopolitical tensions, and related spillovers, including from Russia, which outweighed a moderate recovery in the Euro Area and the benefits from low fuel prices to net fuel importers.

In Russia, a contraction in economic activity by 2.7 percent in 2015 is expected to be followed by a modest recovery in 2016 as policies facilitate adjustment to a new low oil price environment.

In Kazakhstan, growth is projected to decline to 1.7 percent in 2015 as production delays in the Kashagan oil field persist, but strengthen to an average of 3.5 percent in 2016-17.

In Turkey, growth is projected at 3 percent in 2015 despite a subdued first half. Private spending is expected to recover after the June elections, assuming that political uncertainty is resolved. Soft fuel prices and robust exports will likely contribute to a further reduction in Turkey’s trade deficit.