Armenia

• Economic performance will moderate due to tight macro policies
• Inflation will undershoot the target this year, driven by the strong dram
• The currency will depreciate, as exports of services and re-exports slow down

Cambodia

• The growth will slow in 2026 due to conflict, yet the long-term outlook will remain solid
• Inflation will remain low, anchored by exchange rate stability
• The currency will remain stable, as the central bank will maintain the de facto peg to the US dollar

Iraq

• The economic situation has deteriorated significantly amid declining oil income and an expansionary budget
• Inflation will remain muted in the short term due to the overvalued currency
• Despite the expected improvement in oil income, restoring macroeconomic stability will require a currency devaluation

Uzbekistan

• Growth will remain robust, supported by strong domestic demand and investment
• Strong demand and price liberalization will keep inflation above the target
• The currency will be broadly stable in the near term, but depreciation will resume later to preserve competitiveness

‍

‍

Read the forecasts in details on our Macro Portal.

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Forecast updates in March:

• Ethiopia
• Kazakhstan
• Kyrgyzstan

‍