ArmInfo. An outbreak of coronavirus in China cannot have a serious impact on the growth of the Armenian economy. On February 12, Minister of Economy of the Republic of Armenia Tigran Khachatryan stated this from the rostrum of the National Assembly of the Republic of Armenia, answering the question of MP Arman Abovyan.
According to him, the world expresses concern over the situation in China. Bloomberg Agency notes that as a result of the epidemic, the projected GDP growth rate in China of 6% will be within 4.5%. This, according to the minister, means that a number of sectors of the Chinese economy may face a crisis and, thus, have a serious impact on the global economy.
Nevertheless, as noted by Tigran Khachatryan, at the moment there are no factors that can affect the economy of Armenia. We are mainly talking about three areas of potential impact - China is the world's largest copper consumer, accounting for up to 50% of all copper production. Another factor may be a decrease in the number of tourists, as well as the influence of China on the world market of oil and oil products. But in all three cases, the impact on the Armenian economy will be insignificant. "We are still not at the level to discuss possible scenarios for the development of events, but one thing is clear: the impact on the country's economy, if any, will be very small," the Armenian minister forecasted.
It should be noted that according to international expert estimates, the outbreak of coronavirus in China and its spread in the world led to an increase in panic in global commodity and financial markets. As a result, prices for certain goods, in particular oil and iron ore, lost 10 to 15% over the week, while China's stock indices lost 7 to 12%. The main reason for such dynamics was the strengthening of negative expectations of a slowdown in the Chinese economy.