YEREVAN, November 6. /ARKA/. Armenia's Central Bank has revised upward its long-term (over three years) economic growth outlook, Vahagn Grigoryan, head of the monetary policy department of the Central Bank, told reporters on Tuesday.

"The Central Bank has re-evaluated economic growth outlook. If previously the stable economic growth level was estimated at 4.5%, according to new forecasts, the figure has been revised upwards to 5%," Grigoryan said.

According to him, the revision was prompted by the recent positive trends reported from the labor market. He said the Central Bank believes that this trend will continue in the near future and the labor market is not expected to decline.

He said as for economic growth factors, in the long term the regulator does not see negative forecasts regarding the labor market. He added that the anticipated productivity growth, caused by structural changes in the economy, will back up economic growth.

In its October “Global Economic Prospects: Heightened Tensions, Subdued Investment” report, the World Bank forecasted for Armenia 5.5% GDP growth for 2019 and 5.1% for 2020.

The IMF has also improved its macroeconomic forecast for Armenia in its October report on “Global Manufacturing Downturn, Rising Trade Barriers” to 6% in 2019 and 4.8% in 2020. The growth in Armenian government 2019 budget is projected at 4.9%. The inflation is projected at 2.7%. --0—