Armenia has dropped its opposition to the project – on grounds that a “corridor” would imply extra-territorial status -- and is now actively moving forward with it.

Global growth is expected to moderate from 5.9 in 2021 to 4.4 percent in 2022—half a percentage point lower for 2022 than in the IMF's October forecast.

Armenia and Turkey agreed to nominate representatives to set up formal relations and Turkey’s civil aviation authority said two airlines would begin flights between Yerevan and Istanbul next month.

Sargsyan had been at odds with Prime Minister Nikol Pashinyan, particularly on some of the issues in moving towards peace since last year’s 44-day “Second Karabakh War” in which Azerbaijan made big advances.