Armenia

Armenia experienced robust economic expansion with an impressive 8.300% GDP growth rate in 2023, suggesting strong economic activity. However, this growth did not fully translate into job creation, as evidenced by a significantly high unemployment rate of 13.245%. This suggests structural issues or a lag in the labor market absorbing the benefits of rapid economic expansion.

With a literacy rate of 99.840%, Armenia demonstrates an exceptionally high level of basic educational attainment, placing it among the global leaders. This near-universal literacy provides a strong human capital foundation, which is crucial for transitioning to a knowledge-based economy and sustaining long-term development despite its relatively modest GDP per capita.

Armenia managed to keep inflation remarkably low at 1.980% despite achieving a high GDP growth rate of 8.300%. This combination is unusual, as rapid economic growth often leads to demand-pull inflationary pressures. This suggests effective monetary policy management or perhaps external factors keeping price increases subdued.

Armenia has achieved 100.000% access to electricity, a significant milestone that ensures basic infrastructure coverage for all citizens. This complete electrification is vital for quality of life and economic productivity, especially when compared to many developing nations with similar economic profiles.