OGResearch Macro Portal Newsletter -- September 2026

Armenia‍

• Growth will remain elevated with strong internal demand and favorable regional changes
• Global price pressures and strong ruble will make the inflation overshoot target
  
• High capital inflows will contain depreciation pressures in 2026

Moldova

• Growth will be subdued in 2026, but the recovery will resume as global prices ease
• Inflation will continue to increase and have its peak in late 2026
• Inflows kept the leu resilient amid shocks, only a mild depreciation expected going forward

Read the forecasts in detail on our Macro Portal.

‍-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------Forecast updates in September:‍

• Dominican Republic
• Kazakhstan
• Malawi