Standard & Poor's, one of the world's leading economic analytical agencies, raised its long-term foreign and local currency sovereign credit ratings on Armenia to “BB-” from “B+.”

It added that outlook on the development of Armenia's economy is stable.

“Armenia's GDP growth and fiscal and external metrics were already improving before the [Russian-Ukrainian] conflict, and we believe real GDP growth will remain relatively strong over the next few years,” Standard & Poor's noted in its latest report on Armenia.

According to the agency, the economic growth in Armenia in 2023 may be 7.5 percent.

“Barring extreme scenarios--such as a new direct military conflict with Azerbaijan--we expect Armenia's economic growth prospects in the coming years to remain robust,” claim the Standard & Poor's analysts.